Deka Immobilien GmbH has acquired the Baltico building, paying €43 million for this office property in Lisbon. The vendor is Portuguese construction company Mota-Engil. This asset will now be transferred to the property portfolio of WestInvest ImmoValue, an open-ended mutual property fund for institutional investors. Construction of the Baltico building was completed in 2010.
The property provides office space totaling approximately 14,400 m², all of which is let to the Portuguese state postal services company, CTT-Correios de Portugal. It also includes 486 parking spaces. Baltico has an energy efficiency category B rating. Its central location in Parque das Nacoes, the former site of Expo 98, benefits from good transport links including the Gare Oriente railway station with local, regional and national connections. Major companies, such as Vodafone, Danone and Microsoft, also have offices on the site.
The property fund has exploited an investment opportunity against the cyclical trend to acquire this recent addition to the Portuguese capital city’s architecture in an established location. At present, the market in Portugal offers favorable conditions for first-time investors with a long-term strategy.
Source: Deka Immobilien