Global real estate consultant Cushman & Wakefield Healey & Baker announced today that on behalf of LaSalle Investment Management it has sold Arquiparque IV at its asking price of € 16.275 million, reflecting a record breaking gross yield of 7.70%, making it the lowest yielding office transaction recorded in Lisbon for a rack rented office building. The property was acquired by Portuguese Fund, Banif Imopredial, managed by Banif Gestão de Activos -SGFIM.
The property is an international standard office building which fronts the A5 Lisbon-Cascais motorway, located 6 km west of Lisbon’s city centre and 15 km from the international airport. The building is highly visible and forms part of the landmark Arquiparque office development, developed by Dutch developer AM Amstelland MDC. It is leased in its entirety to French cosmetics giant, L’Oréal, for a period of 10 years.
Matthew Walker, Partner and co-head of Cushman & Wakefield Healey & Baker’s Lisbon Investment team comments: “Given the property was securely leased on a long-term basis to a global company, it was highly sought after by both domestic and international institutional investors. The competition amongst buyers enabled us to achieve the full asking price and close the sale within a short time frame. This transaction demonstrates that despite Portugal’s weak economic performance, there remains strong investor interest for modern, securely let properties”.
Source: Cushman & Wakefield Healey & Baker