AXA IM Alts has formed a joint venture with Sonae Sierra to construct a “state-of-the-art office building” that will be located on top of the Centro Colombo shopping centre in Lisbon.

The 35,000sqm office scheme will be the third office building to be added to the 173,000sqm Colombo mixed-use complex and will comprise nine flexible floors designed to accommodate different occupier requirements.

Construction started in September 2022 with completion expected by the end of 2025.

AXA IM Alts said this transaction aligns with its strategy of targeting high quality, technologically advanced and amenity rich office developments that are at the forefront of occupier demand.

The project is also part of Sonae Sierra’s strategic objective of being a key player in urban regeneration and in the development of cities of the future, through the creation of sustainable, innovative urban projects.

Centro Colombo shopping centre in Lisbon

Source: AXA IM Alts

Centro Colombo shopping centre in Lisbon

Esther Escapa, head of transactions and development, Iberia, at AXA IM Alts, said: “This transaction presents a unique opportunity to build on the established reputation and success of the Colombo retail and office scheme, whilst allowing us to raise the bar for sustainable development to deliver a prime new office building into the structurally under-supplied Lisbon market.

“We are confident that this high-quality and technologically advanced project will provide the type of office space that businesses are now prioritising as we embrace new ways of working.”

Alexandre Fernandes, Sonae Sierra managing director for developments, added: “We are very excited to join forces with AXA IM Alts, a partner with a recognised track record and reputation in the development of real estate projects, to create a unique project in terms of quality, size, sustainability and users’ wellbeing.

“We will leverage our local knowledge and experience to ensure this development becomes a successful investment, as demonstrated by the achievements of Centro Colombo and its two existing office buildings.”

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