Union Investment has acquired the Torre Oriente in Lisbon for approximately EUR 70 mln from the consortium owner of the Colombo Towers project. The consortium comprises Caixa Geral de Depósitos Group, Iberdrola Inmobiliária, ING Real Estate and Sonae Sierra.
Union Investment has acquired the Torre Oriente in Lisbon for approximately EUR 70 mln from the consortium owner of the Colombo Towers project. The consortium comprises Caixa Geral de Depósitos Group, Iberdrola Inmobiliária, ING Real Estate and Sonae Sierra.
The property was acquired on behalf of the Hamburg-based fund manager's open-ended real estate fund UniImmo: Global. The deal marks Union Investment's debut on the Portuguese real estate market.
While Lisbon's office market decreased 9% in the second quarter in comparison to the previous quarter, and 74% in comparison to the same period of 2008, the Torre Oriente tower bagged the two biggest letting deals of the year in the Portuguese capital, with Barclays Portugal and Fujitsu. The two companies occupy respectively 12,213 m2 and 7,275 m2 in the tower, making the development the best performer of the year.
'The Colombo Towers project, which comprises two office towers with 14 levels and a total gross area of 29,000 m2 each, answered the evident shortage of quality large dimension areas observed in Lisbon today,' Union Investment said in a press release. The two towers, the shopping centre and the parking lot form the largest built set and mixed used project in Portugal, with a total of about 500,000 m2.
The consortium meanwhile already begun construction on the second tower, the Ocidente Tower, which is scheduled to be concluded in early 2011. In total the Colombo Towers involved an investment of more than EUR 90 mln and were recently distinguished at the first edition of the National Real Estate Awards in Portugal, as the Best Real Estate Project in the country.
The environmental management system of the Colombo Towers project has been awarded a B rating under the ISO 14001 standard, by the LRQA - Lloyd’s Register Quality Insurance. Following the acquisition of the Torre Oriente, Union Investment's portfolio include 13 properties with international sustainability certificates as LEED, BREEAM, HQE, DGNB.
Union Investment has assets under management of EUR 18 bn in six real estate funds and belongs to the leading real estate investment managers in Europe.
Click on the link below to read: Union Investment acquires Hamburg property for EUR 60m
