Santander sells Ramalho Ortigão 51 to Incus Capital for more than €50M

Santander sells Ramalho Ortigão 51 to Incus Capital for more than €50M

Banco Santander has concluded the sale of the building at number 51 on Rua Ramalho Ortigão, in the Praça de Espanha area, in Lisbon, to a fund managed by Incus Capital, a pan-European company based in Madrid and also present in Portugal, for a value above 50 million euros.

This building was the former headquarters of Banco Popular. It was acquired by Santander in 2017, renovated in 2019. It has more than 24,000 sqm, spread over a main building (10 floors above ground with 11,657 sqm) and 2 independent blocks, in addition to 296 parking spaces.

In this business, the consultancy Worx represented Santander. Pedro Rutkowski, CEO of Worx Real Estate Consultants, states that “It is with great pride that Worx has completed yet another operation acting as the entity that advised the transaction of this emblematic building, which is a reference asset”.

The consultant explains that the deal resulted from a competitive sales process that attracted several national and international investors. Incus Capital made the winning bid.

At the moment, there are already several companies that are interested in occupying these offices, even before the property is placed on the rental market.

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