Cushman & Wakefield has acted on behalf of an international institutional investor to dispose of Art’s and the Torre Fernão de Magalhães tower, in Parque das Nações, Lisbon, to Merlin Properties for €112.2 million.
The iconic office buildings are located on the main avenue of Parque das Nações’, Avenue Dom Joao II and total 29,985 sq.m.
The 15-storey, Torre Fernão de Magalhães tower was designed by Jean Wilmotte, and its glazed façade allows a privileged view of the River Tagus and over Parque das Nações. The building comprises 7,835 sq.m of prime office space, with street-fronted shops and a private parking area.
The Art’s building comprises 22,150 sq.m of prime office space over 11 storeys. Designed by the Frederico Valsassina Architectural practice, the building is one of the most recognisable in Parque das Nações and incorporates plastic art throughout.
The assets are fully let to best-in-class companies such as BNP Paribas, Huawei, Sage, DHL, Webhelp, Bold International, among others.
António Camilo-Alves, Head of Business Space Investment at Cushman & Wakefield in Portugal, said: “This transaction represents a record yield in Parque das Nações, which consolidates the investor’s appetite for Lisbon’s office sector. Parque das Nações is one of the best sought after office locations and its asset quality and residual vacancy, aligned with the very high occupier’s retention, offers one of the uppermost value proposition in the market which, with no surprise, continues to appeal to core capital.”
Parque das Nações, is the result of an ambitious project of urban and environmental regeneration of the River Tagus riverfront around the Olivais Dock, to accommodate EXPO '98. Today the area houses many corporate buildings and benefits from a popular boardwalk; the Altice Arena; Europe’s largest aquarium, Oceanário de Lisboa; a number of restaurants, bars and clubs; and apartments.
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