Värde Partners has strengthened its position in the Portuguese property market with the acquisition of a prime office building.
The $14bn (€12.3bn) global alternative investment firm said it has bought Burgo Tower in Porto with debt financing provided by ING Bank, without disclosing further details.
Built in 2007, the Burgo Tower has a gross lettable area of over 16,000sqm.
Late last year, Värde expanded its presence in Europe with the acquisition of a Portuguese real estate manager and said it planned to use the platform to invest in Portugal and build its position in the local real estate market.
Värde invests in real estate assets, loans and operating companies globally and has a strong presence in Europe, particularly in Iberia.
Värde said today that the Burgo multi-tenant office building will be managed through, a Portuguese asset management platform it owns.
Hugo Moreira, Värde Partners managing director responsible for real estate investments in Portugal, said: “During recent years, Porto has attracted the attention of several international companies and executives which are driving growing demand for office space in the city.
“This transaction is in line with our strategy of acquiring office assets in areas of Portugal with a supply-demand imbalance against the backdrop of positive macroeconomic indicators.”