A European real estate fund managed by Orion Capital Managers has made its first Portuguese office acquisition.

The Orion European Real Estate Fund V fund has invested an undisclosed amount to buy the 37,000sqm Multiusos Oriente development project from Millennium bcp.

The Multiusos Oriente, located next to the biggest office district of Lisbon, Parque das Nações, is expected to be delivered end of 2022.

Savills advised Millennium bcp on the disposal.

Paulo Silva, head of Savills Portugal, said: “We are pleased to have advised our client, Millennium bcp on the disposal of this strategic asset located in an enviable part of Lisbon.

“Upon completion, the new Multiusos Oriente campus will be a key attribute to the local urban area on both a community and business level.”

Gauthier Renaud, director at Orion Capital Managers, said: “Our decision to invest was supported by the strong long-term fundamentals and immediate scarcity of modern office space in Lisbon.

“This acquisition represents a unique offering to create a new campus-style horizontal building with generous and desirable outdoor spaces.”

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