Curzon Capital Partners 5 LL (CCP 5 LL), the core-plus fund advised by Tristan Capital Partners, has agreed its first deal in Portugal with the acquisition of an office portfolio of seven buildings worth €100m.

Tristan said the 38,421sqm portfolio in Lisbon was purchased from Vision Escritórios, a closed-end fund managed by Norfin.

The transaction is Tristan’s first with Norfin which will be retained as asset manager.

The portfolio, which is 95%-let, include a landmark office building at Rua Castilho, five office buildings in Zone 2 and a mixed-use building in the nearby suburb of Carnaxide, the manager said.

Nikolay Velev, executive director, Tristan Capital Partners said: “This portfolio acquisition represents our first deal in Portugal and offers our investors immediate exposure to Lisbon’s central business district, which we believe will continue to perform well on the back of a strong supply-demand imbalance.

“The portfolio locations are very attractive and once our plan to improve the assets has been implemented, they will be well-positioned to capture the growing demand of local and international occupiers seeking inner-city, modern accommodation.”

Paulo Barradas, managing director, at Norfin, said: “Prime office rents have experienced strong upward pressure in recent years in the prime business district and across all submarkets.

“In 2018, the fastest rental growth was reported in Zone 2 of the CBD where prime rents increased by 16%. Five of the assets in the portfolio are located in this area.”