German asset manager Real IS has acquired the K-Tower office building in Lisbon for its open-ended retail property investment fund Realisinvest Europa, marking its debut in the Portuguese market.
Announcing the deal at Mipim in Cannes, the firm said the 14-storey, 15,000 m2 property was purchased from family-owned developer Krest Real Estate Investments for an undisclosed price.
The K-Tower is located in Lisbon’s office sub-market Parque das Nações at Av. Aquilino Ribeiro Machado 8-8E, close to public transport links. The anchor tenant is Critical TechWorks, a joint venture between BMW Group and Critical Software.
The building is due to be awarded BREEAM ‘Excellent’ certification imminently and was nominated as a finalist for the 2024 National Real Estate Award in Portugal in the Office and Efficiency & Sustainability categories.
‘This acquisition is our first investment on the Portuguese market, which we have been watching very closely for several years. We were impressed by both the outstanding energy efficiency of the building and its location. Lisbon is Portugal‘s capital city and its most important office location,’ said Barbara Geidner-Buchelt, head of investment management international at Real IS.
The K-Tower has 157 car and bike parking spaces, and almost 50% of the car parking spaces are equipped with electrical chargers.
‘Realisinvest Europa was one of the first open-ended retail property investment funds with a Taxonomy-compliant investment ratio. All the properties in the portfolio have environmental characteristics according to SFDR and have a green building certificate,’ said Real IS CEO Jochen Schenk, adding: ‘Realisinvest Europa is currently one of the few pan-European fund with such a high ratio of Taxonomy-compliance.’
Real IS was legally advised on the transaction by the Lisbon-based experts of law firm Linklaters. Gleeds Portugal, Cundall Spain and Fundec provided support on technical matters.
Deloitte assisted Real IS with financial due diligence, while RPE Portugal advised on the commercial aspects of the transaction. Status Capital will act as AIFM service provider.
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