Through Principal Real Estate, Principal Global Investors purchased the Dom Luís I office building, in Lisbon, from the TransEuropean VI fund, managed by Patrizia, for 45.25 million euros.
Located in the riverside area of the capital, the Dom Luís Item building has a GLA of 10,300 square meters, 8,100 of which are offices, spread over 7 floors, and 2,200 square meters of retail and leisure facilities on the ground floor.
The property was renovated in 2017 and is currently fully occupied by 5 tenants including Farfetch, Sitel or Fitness Hut.
In a statement, Sebastian Lietsch, director of Fund Management at Principal Real Estate in Germany, comments that “the Dom Luís building fits in well with our office fund strategy. Being our second asset in Portugal, it brings a better balance to the geographical distribution of assets. In addition, the property's characteristics and location are in line with our strategy of investing in markets that demonstrate growth, whether through positive demographics, innovation within industries or exposure to globalization and trade.”
For her part, Irina Va, Senior Asset and Transaction Manager at Principal Real Estate, adds that «traditionally a tourist and residential area, Lisbon's riverside area is a booming commercial area that has become popular with national and international office squatters. looking for a modern space. The building's proximity to one of Lisbon's main residential areas is also an attractive feature, given the new hybrid approach to work that many companies are adopting as a result of the pandemic", she concludes.
In this transaction, RPE acted on behalf of Principal, and Cushman & Wakefield on behalf of Patrizia.
