Iberdrola Inmobiliaria and Caixa Geral de Depósitos have acquired a 50% stake in the Colombo Towers project in Lisbon from co-developers Sonae Sierra and ING Real Estate for EUR 12 mln. The two consortiums, Sonae Sierra-ING RE and Iberdrola/Caixa Geral de Depósitos are co-owners and co-developers of the towers, which require a total investment of EUR 80 mln.
Iberdrola Inmobiliaria and Caixa Geral de Depósitos have acquired a 50% stake in the Colombo Towers project in Lisbon from co-developers Sonae Sierra and ING Real Estate for EUR 12 mln. The two consortiums, Sonae Sierra-ING RE and Iberdrola/Caixa Geral de Depósitos are co-owners and co-developers of the towers, which require a total investment of EUR 80 mln.
The project was designed with Centro Colombo, and the construction of the East Tower (Torre Oriente), which restarted in February, is scheduled to be completed in the last quarter of 2008. Construction of the West Tower (Torre Ocidente) is scheduled to restart before February 2009, and will be completed in the spring of 2010. Each of the towers will provide 23,000 m2 of office space, representing one third of the office area let annually in Lisbon (about 140.000 m2) over the last three years., according to Sonae Sierra.
Property advisors Cushman & Wakefield and Jones Lang LaSalle have been hired to market the office space.
