The Orion European Real Estate Fund V, sponsored by Orion Capital Managers, has acquired an extensive prime office development in Lisbon, Portugal.
Financial details were not disclosed.
The Multiusos Oriente project was acquired from Portuguese bank Millennium bcp.
Situated next to Lisbon's largest office district, Parque das Nações, Multiusos Oriente comprises a permitted project for 37,000 m2 of prime office space, expected to be delivered end of 2022.
Gauthier Renaud, director at Orion Capital Managers, commented: 'Our decision to invest was supported by the strong long-term fundamentals and immediate scarcity of modern office space in Lisbon.
'This acquisition represents a unique offering to create a new campus style horizontal building with generous and desirable outdoor spaces.'
Savills advised Millennium bcp on the disposal.
Paulo Silva, head of Savills Portugal, commented: 'We are pleased to have advised our client, Millennium bcp on the disposal of this strategic asset located in an enviable part of Lisbon. Upon completion, the new Multiusos Oriente campus will be a key attribute to the local urban area on both a community and business level.'
