Fundo VIP, a Portuguese open-ended real estate fund managed by Silvip, has acquired an office building from Patron Capital.
Financial details were not disclosed.
BdB is a 3,600 m2 office building located in Avenida Barbosa du Bocage, 85, in the Lisbon CBD. Patron acquired the asset on behalf of Patron Capital Fund V and in joint venture with Finangeste, with plans to reposition the vacant building as an institutional quality product.
As a part of the strategy, the JV partners agreed a long-term lease for the building with Uber in July 2019, which saw the tech company commit to a significant capex programme to upgrade the space alongside investment from Patron and Finangeste.
Said Jonatas Szkurnik, investment director & senior partner of Patron, said: 'The sale of BdB to a well-regarded core/core plus investor such as Silvip is a strong endorsement of Patron’s ability to strategically acquire well-located but under-invested assets and convert them into best-in-class products, resulting in an attractive exit yield for our investors.'
BdB was the first acquisition of the joint venture’s broader opportunistic investment programme, which has focused on office properties in Lisbon and Porto and includes Trinity Porto, a 20,000 m2 office building located between the Trindade metro station and Avenida dos Aliados in Porto’s CBD, which is currently undergoing an extensive capex programme.
Luis Carita, Member of Silvip's executive board, said: 'As part of the strategy to expand and upgrade the portfolio of Fundo VIP, we are focusing on completed office buildings that are well located in Lisbon and Porto and let to high quality tenants, with the opportunity to add further value through proactive asset management.
'The acquisition of the Barbosa du Bocage 85 building is part of this strategy, particularly through its location on the main axis of Lisbon and high-quality tenant.
'For 2022 and 2023, Fundo VIP will continue to focus on this type of asset, expanding the scope to other sectors such as urban logistics or retail, favoring commercial groups, with core plus investments that offer upside through rental growth.'
Patron was advised by Cushman & Wakefield and RPE (sales agents) and Teixeira de Freitas Rodrigues & Associados (legal advisor). Silvip was advised by FICOPE (technical due diligence).
