Portuguese insurance company Fidelidade is exploring the sale of its upcoming headquarters in Entrecampos near Lisbon, a project slated for completion in mid-2025.
The insurer plans to enter a sale-and-leaseback agreement, retaining occupancy of the 46,000 m2 building for at least 20 years, with the possibility of extension for two five-year periods. The property will include 40,000 m2 of office space and 6,000 m2 for commercial use, as well as 440 car parking spaces.
According to reports, Spanish retail magnate Amancio Ortega, owner of Zara, is among the potential investors interested in the deal. Should Ortega's investment firm, Pontegadea, acquire the property, it would add to its existing Portuguese assets.
However, Fidelidade has denied ongoing negotiations, pointing out that a deal, if carried out, ‘will be in every way similar to the one concluded in 2019 regarding Fidelidade's current offices, in which it became the tenant.’
Fidelidade purchased the land for the HQ from the Lisbon municipality in 2018 at an auction for €270 mln, with Cushman & Wakefield acting as the advisor.
The deal concerned four plots of land, with a total construction capacity of some 200,000 m2 next to the Entrecampos train and metro station in Lisbon.
On one of these plots, Fudelidade is currently constructing its future headquarters. The other three plots are contiguous and form the mixed-use Entrecampos project, currently in the early stages of construction, with 100,000 m2 of offices, 30,000 m2 of residential, and 30,000 m2 of retail.
