Internos, acting on behalf of its Euro Property I fund, has sold a Lisbon office building, ‘Mar Vermelho’, to a Portuguese institutional investor for approximately €22.6m. Located on Avenue D. João II in Lisbon, Mar Vermelho comprises 6,900 m² of fully-let space across nine floors, as well as 176 car parking spaces in three basement levels. Tenants include Adecco and Regus Business Centre.
The fund portfolio now consists of six properties with a total value of €132.4m, located in Germany, France, Portugal and Spain. The fund, which launched in 2004, invests on behalf of a number of German pension funds in a portfolio of assets diversified by both by location and real estate sector. The focus of the fund is on European commercial properties with value-add potential, located in 1A- and 1B-Locations. It aims to achieve target cash returns of 5.5% p.a.
JLL’s Capital Markets Department advised Internos on the transaction.
Paul H. Muno MRICS, Partner and Head of Capital Relations & Germany at Internos, commented: "This disposal is a good fit with the revised fund strategy, which envisages divesting a handful of properties while intensifying the letting and asset management activities at the remaining assets. This will generate a sustainable increase in value on behalf of investors.”