Santander sells ex-popular's former headquarters in Lisbon for more than €50M

Santander sells ex-popular's former headquarters in Lisbon for more than €50M
Former headquarters of the ex-Popular, in Praça de Espanha, in Lisbon. (Google maps image)

Four years after acquiring Banco Popular, Santander is about to sell the building where that institution's headquarters were located. Right next to Santander's current headquarters, in Praça de Espanha, in Lisbon, the building will be sold to Spanish Incus Capital Advisors for more than 50 million euros, according to ECO. The deal will close early next year.

The property at 51 Rua Ramalho Ortigão was on the market between late October and 30 November and attracted around a dozen national and international interested parties, such as Square Asset Management, Finsolutia and Grupo Violas. Santander set a base price of 40 million euros for the building, and interested parties had to submit proposals equal to or greater than this amount.

The highest bid was made by Incus Capital, which offered more than 50 million euros, and ended up being chosen by Santander.

The deal should be concluded at the beginning of next year, and despite this sale, Santander will occupy the building until June 30, 2022, supporting the property's costs until then.

The former headquarters of the ex-Popular was remodeled in 2019 and 2020 and has a total area of ​​25,446 sqm, spread over ten floors above ground and five underground. It also has 206 parking spaces and eight elevators.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!