Spanish REIT Merlin Properties has snatched up the current headquarters of Portugal’s Novo Banco, located in Avenida de Liberdade, Lisbon, for €112.2 mln.
Merlin acquired the building from Novo Banco, as part of its strategy to accelerate the sale of non-core assets.
The bank will lease the property back for a very short period, until the completion of its new HQ outside of Lisbon, the Novo Banco Campus at Tagus Park, which will gradually accommodate the services currently located in the centre of Lisbon.
Set to be concluded by Q3 2022, the deal is one of the biggest real estate transactions in Portugal this year.
More than 100 entities took part in the sale process during the non-binding stage, but only Luxembourg-based Rosewood Capital and Spain’s Merlin Properties reached the final stage.
The 15,477 m2 property comprises nine floors above ground, plus six underground floors, with 172 parking spaces.
JLL and Cushman & Wakefield were mandated with the sale of the building.
