Rivercrown has sold its Portuguese office real estate fund to an unnamed Singaporean listed fund for €120m.

The London-based real estate investment firm has sold its 99.9% holding in Maxirent, a fund which holds 7 core and core-plus office assets in Lisbon, as well as one prime land development plot.

The fund’s 7 office assets totalling 41,283sqm, include the Rua Das Chagas 7 building in Chiado, the Fontes Pereira De Melo 7 and Fontes Pereira De Melo 27 assets located close to Lisbon’s Saldanha Square and the Edifico Prime, Cidade De Córdova and Estrada De Alfragide office buildings in the Alfragide district.

The closed-ended Maxirent real estate fund was established in 1993. Rivercrown first acquired its stake in the Euronext-listed fund in September 2019.

Stephen Benson, managing director of Rivercrown said: “We acquired our holding in Maxirent as we saw opportunities to create value through a number of initiatives including leasing and planning gains which we realised through the period of our ownership.

“The buyer will benefit from the prime nature of the fund’s assets - stable income and further yield compression. Portugal remains firmly on our radar as an attractive place to do business.

“We are actively working on further value-add and opportunistic investments both directly, and particularly as in Maxirent’s case by taking control and ownership stakes in publicly-listed real estate companies, REITs and funds.”

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