Global real estate consultant Cushman & Wakefield (C&W) announced the sale of the position on Espace and Explorer office buildings on behalf of TMW Immobilien Weltfonds, a fund managed by TMW Pramerica Property Investment GmbH a subsidiary of Pramerica Real Estate Investors, to Swiss investor AFIAA.
The two buildings, designed by well-known Architect Mário Sua Kay, are located in Alameda dos Oceanos, one of the main streets of Parque das Nações, close to the Tagus River, to the Lisbon international fair precinct, Centro Vasco da Gama and the Oriente train station.
Espace building has circa 10,000 m² GLA and 250 car parking units, while Explorer building totals circa 5,000 m² GLA and 108 car parking units. Explorer building incorporates a kinder garden and a restaurant.
Cushman & Wakefield acted on behalf of the fund managed by Pramerica on the sale of the interest on the said buildings. Luís Rocha Antunes, Partner and Head of the C&W investment department in Portugal, and António Camilo-Alves, Senior Surveyor within the same department, were the key consultants leading this operation.
“This is truly the first arm’s length, open market investment transaction initiated and concluded in 2013 to a foreign investor, marking the market comeback to investment transactions to the real estate market” says António Camilo-Alves “This is significant as it establishes a base for trust and the rationale for defining pricing and the discipline an international investor should consider”.
Alexander Knothe, portfolio manager of TMW Immobilien Weltfonds, comments “Pramerica is one of the largest international investors present in Portugal. We are pleased with the sale in the light of the overall goals of the liquidation of the fund”.
According to Martin Brendel, from AFIAA, “This acquisition is part of AFIAA’s global deployment of capital worldwide, looking to apply our shareholders capital in prime assets, with secure income, and a return level which accommodates for the country’s specific risk. AFIAA continues to seek attractive investment opportunities in Portugal with the aim to build a portfolio of two-three assets during the course of the next few months”.
Cushman & Wakefield is also the property manager of the buildings.
Source: Cushman & Wakefield