The Portuguese headquarters of advertising agency WPP has been bought by Tishman Speyer’s European open-ended core real estate fund.

The Tishman Speyer European Core Fund (TSEC) has invested an undisclosed amount to buy the office asset in Lisbon and has agreed a €28m “seven-year community-impact linked” real estate financing with Crédit Agricole CIB.

The acquisition is Tishman Speyer’s first acquisition in Portugal. The Tishman Speyer European Core Fund, which has some €2.7bn in assets currently under management, owns and manages properties in London, Paris, Frankfurt, Berlin, Hamburg, and Lisbon.

The latest acquisition was a former automobile showroom that was completely stripped in 2008 to become a hotel but was later reinvented by WPP with a bespoke design concept promoting flexibility and openness.

Philippe Joland, a senior managing director and Martin Simonneau, managing director at Tishman Speyer, said, as the tallest building within the neighbourhood, this building’s views give the impression of literally floating above Lisbon – its roof terrace was actually designed as an important common space with sensational views of the surrounding area, a critical feature for next-generation offices.

“We are very grateful to Crédit Agricole CIB for their continued support and are glad to reinforce the strong and sustainable relationship we have built over the years.”

Guillermo Bergareche, managing director at Crédit Agricole CIB, said: “We are also proud to have supported this highly regarded global real estate investor for its first investment in Portugal.

“This is a new cornerstone in the development of Crédit Agricole CIB leading real estate franchise in Iberia.”

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