Merlin Properties Socimi has completed the acquisition of ZEN Tower, expanding its Lisbon office portfolio to over 70,000 m² and becoming one of the top-3 players in the market.
The asset, located in Dom Joao II, the main avenue in Parque das Nações in Lisbon, comprises 10,190 m² of office space across 13 floors, and a parking for 331 vehicles. The property benefits from a glass wall design, raised floors, two terraces and excellent views over the river Tagus. The asset is 100% let to high profile tenants such as Danone, Avigilon (Motorola Solutions) and Subsea7.
The purchase price amounts to €33.3m representing a 6.4% gross yield over €2.1m of gross rents. The acquisition once again demonstrates the company's excellent performance after a successful 2017.
