GamaLife, the former Novobanco insurance company, has sold the building located at Avenida Almirante Gago Coutinho 26. The office building was acquired by the Crédito Agrícola CA Património Crescente real estate fund for 19.8 million euros.
In a statement, Cushman & Wakefield Portugal announced the sale, exclusively representing GamaLife. The consultancy presented the investment opportunity to Fundo CA Património Crescente (Open Real Estate Investment Fund managed by Square Asset Management) which ended up acquiring the respective building, thus successfully concluding the sale process of this asset by the end of 2022.
The building, which was built in the late 1970s and significantly renovated in 2015/2016, has been fully occupied since 2015 by BNP Paribas. The Gago Coutinho 26 Building has approximately 8,200 square metres of gross construction area distributed over 9 floors and also 55 parking spaces.
David Lopes, MRICS, Partner and Head of Capital Markets at Cushman & Wakefield Portugal, says "we were delighted to advise GamaLife on the sale of Edifício Gago Coutinho 26. At a time of relative uncertainty, this transaction reflects the continued confidence of institutional investors in the Lisbon office market".