ING, acting as sole lender, has provided a long-term financing to fund New York based investment manager Marathon Asset Management's first acquisition in Portugal.
Marking the entry of Marathon's London-based MCAP unit into the Portuguese market, the transaction comprises the iconic Marconi and Santa Maria buildings and involves a gross leasable area of 30,323 m2 with an estimated market value of €80 mln.
Marathon plans to invest further in the Portuguese market. 'We believe the Portuguese market will perform strongly in the coming years and we are committed to growing our footprint in Portugal. We hope to make additional acquisitions over the coming years,' commented Alvaro Travesedo from Marathon.
ING is providing a €43.5 mln bilateral loan term of five years.
The Dutch lender said that the deal cements its position as a real estate financer in the Portuguese market, having lent over €150 mln to the local office sector over the last year.
Julián Bravo, head of Real Estate Finance of ING Spain and Portugal said 'We are extremely proud to have been selected as sole lender for such a renowned investor in their first real estate finance project in Portugal. This transaction demonstrates our expertise in financing international landmark office buildings, seeking out new investor partners and our continued commitment to the real estate finance market in Portugal.'
