The Novimovest fund, managed by Santander Asset Management, sold Galerias Saldanha Residence, in Lisbon, to BPI Imofomento, an open-end real estate investment fund managed by BPI Gestão de Ativos, for around 27 million euros.
Inaugurated in 1999, Galerias Saldanha Residence are located in the center of Lisbon, close to the offices of several companies such as KPMG, PLMG, Altice, BPI, among others. It has around 6,900 sqm of GLA and 40 stores, and receives 2.5 million visitors every year.
Manuel Puerta da Costa, director of BPI Gestão de Ativos, comments in a statement that “this property is part of the management strategy of the BPI Imofomento Real Estate Fund, with a focus on prime assets located in the most consolidated areas of Lisbon at the point of real estate view'. He adds that "it is in the heights of some difficulties and uncertainties, such as those experienced in recent months, that properties are found with a potential for growth and appreciation higher than the average of long-term real estate valuations."
Worx acted in this business on behalf of Santander AM. Pedro Rutkowski, CEO of the consultancy, considers that this «is another reference transaction advised by Worx, due to its excellent location, being this a consolidated area for services/offices as well as residential», he concludes.