Merlin Properties, Spain's biggest listed real estate company, has expanded its footprint in Portugal with the purchase of an office asset in Lisbon for €29.4 mln, representing a net initial yield of 6.8%.
The Central Office building in Lisbon, which is located in the Expo area of the city, comprises 10,310 m2 of rentable area and 265 parking spaces. It was built in 2005 and is 100% let.
The deal brings Merlin's office holdings in the city to over 50,000 m2. Last year, the Spanish REIT purchased two office assets in the Portugese capital for €103 mln.
Merlin, which specialises in the acquisition and management of commercial asset in the Iberian peninsula has a market capitalisation of €5.1 bn and almost €10 bn of assets.
