NIPA Capital, based in the Netherlands, has just finalised the sale of the office building Latino Coelho 142, which it acquired in 2020 for more than 4 million euros. The property, located in Porto, was acquired by Venture Real Estate Fund, which marks its entry into the Porto property market.
Savills accompanied NIPA Capital in the leasing process, sustainability assessment and management of the transaction. The law firm CCSM provided legal advice to the seller, while pbbr, Watermark and NewCycle provided the buyer with legal, tax, financial and technical advice on the acquisition.
The building has undergone a comprehensive refurbishment and is tenanted by high-profile companies such as Kuehne Nagel, Transcom and Can Do Portugal. LC142 offers a total of 3,900 square metres of Gross Lettable Area and 36 covered parking spaces. There is also a 350 square metre unit available for companies looking for office space in the city, which is increasingly becoming a destination of choice for national and international companies.
Venture Real Estate Fund expands its current multi-sector portfolio in Portugal, which includes a pan-European portfolio of 450 million euros in countries and regions such as France, Benelux, Portugal, Spain and Germany, managed by Serris REIM.
Patrick Grasso, Partner, NIPA Capital, emphasises that "this transaction represents a continuation of NIPA's successful track record in Portugal, where it has been a dedicated developer/investor for the last 5 years".
Francisco Seabra Ferreira, Head of Real Estate, Serris REIM, points out that "we are thrilled with this acquisition, which corresponds to our first investment in Porto. The quality of the building's refurbishment and its convenient location, together with the economic dynamism of the Porto Metropolitan Area, were key factors in our investment decision, which strengthens the VRE Fund's presence in Portugal. We look forward to contributing even more to the economic and business development of this vibrant city and hope to invest again in the north of the country later this year."
Alberto Henriques, Business Development Director at Savills Portugal, said: "We are delighted to have supported NIPA Capital in yet another successful transaction - the third in the last three years - and also to have helped Serris REIM enter the dynamic Porto office market, reinforcing our already long-standing relationship with both entities."
João Leite de Castro, Commercial Director, Savills/Predibisa, said: "This building was an excellent instruction for Savills/Predibisa since, in addition to having already placed two tenants in this asset - Transcom and Can Do - we also advised on its sale, proving our position as a strategic business partner in the Porto property market."