The former Castil cinema, located in Lisbon, was acquired by Finangeste from a Financial Institution. The company, which has been operating in the Portuguese real estate market for over 40 years, intends to invest over 4 million euros in the rehabilitation of the space, with the objective of transforming it into a disruptive office with the capacity to receive high quality tenants.
Located on Rua Castilho, the Castil cinema was opened in 1973 and closed in 1988. With an area of around 1,600 sqm, until recently it was occupied by a branch of a Financial Institution.
The acquisition fits in the company's strategy of acquiring complex and challenging assets, creating solutions which add value.
In this deal, Finangeste was advised on the legal side by the team of CMS real estate partner Dr João Pinheiro da Silva. On the technical side, it was advised by Openbook Arquitectos and by Alphalink, Project Management. On the seller's side, CBRE advised the transaction.
In recent years, Finangeste has raised around 500 million euros of international investment for new projects in the country. It currently manages over €1 billion of assets in Portugal.