London-based private asset management firm Signal Capital Partners is acquiring a portfolio of nine office properties within the Quinta da Fonte Office Park (QDF), located in the Oeiras Valley, Portugal’s tech corridor around 15km west of central Lisbon for a price believed to be in the range of €50 mln.
Oaktree Capital Management is understood to be the vendor of the package which provides a total of 31,000 m2 of gross rental space.
The US investor bought the properties at the end of 2015 for around €30 mln and subsequently invested to renovate the assets. Major occupiers within QDF include Google, Oracle, Cisco, Dell, SAP, Hewlett Packard, ABB, P&G, MSD, and Nestle.
The acquisition, which is earmarked for Signal’s pan European property fund, was closed with the support of local partner, Acacia Point Capital Advisors.
Acacia, an independently owned, European-focused, real estate investment and asset management company, said it plans to undertake various management initiatives to create value at QDF, including the construction of an additional parking facility, improvement to internal traffic flows and an enhancement of amenities including food, beverage and leisure facilities.
Signal’s fund, Signal Real Estate Opportunities Fund launched at the end of 2015, with around €446 mln of committed, fully discretionary capital to invest.
Cushman & Wakefield acted on behalf of the buyers.
