Cushman & Wakefield has announced the sale of the Liberdade 108 office building in Lisbon on behalf of Portuguese developer Espírito Santo Property for around €10 mln.
Cushman & Wakefield has announced the sale of the Liberdade 108 office building in Lisbon on behalf of Portuguese developer Espírito Santo Property for around €10 mln.
The asset was bought by a fund managed by German investor GLL Real Estate Partners.
The building, which has benefited from substantial repositioning work, is located on the corner of Avenida da Liberdade, Portugal's leading high street.
With around 2,100 m2 of gross lettable area, the property houses a Michael Kors flagship store on the ground floor, while the remaining six floors are dedicated to offices, including the new headquarters of Espirito Santo Property.
Cushman & Wakefield acted on behalf of Espirito Santo Property on the sale of the building. Espírito Santo Property had bought the asset last year from MillennniumBCP.
The sale drew strong interest from both national and international investors, said Luís Rocha Antunes, partner and head of C&W's investment department in Portugal. 'The combination of location, grade A occupiers and 85% occupancy were the key ingredients for such a high interest.'
