Entrecampos Cuatro Socimi has purchased a "fully refurbished" building in Lisbon for €5.8 million, the Spanish company informed BME Growth on Wednesday.
Specifically, the property, acquired through Entrecampos Cuatro Portugal Unipessoal, a Portuguese company wholly owned by the socimi, is located at number 1, Rua de São Julião in the Portuguese capital.
The purchase of the asset was made with Entrecampos' own funds for 3.8 million euros and through the subscription of a variable interest loan of 2 million euros with a Spanish financial institution, with a term of five years and an initial interest rate of 5.25%.
The company has also announced that a lease agreement has been signed for the building in favour of a Portuguese hotel chain, which is interested in transforming the property into a boutique hotel.
The lease will come into effect before 1 February next, as soon as the necessary licences are in place. The agreed initial rent is 33,000 euros per month.
Entrecampos Cuatro, controlled by the Segura Rodríguez family, is a property management company established in 2004, with 100% of its assets destined for rental.