ING, acting as a sole lender, has provided the long-term financing to an affiliate of MCAP Global Finance (UK) LLP, the UK subsidiary of the New York-based investment manager Marathon Asset Management, L.P. for the acquisition of a real estate portfolio, which includes the iconic Marconi and Santa Maria buildings in Portugal.
This deal will include a €43.5m bilateral loan term of five years. The whole portfolio comprises a gross leasable area of 30,323 m² and an estimated market value of €80m, approximately.
This latest agreement cements ING’s position as a real estate financer in the Portuguese market, having lent over €150m to the office building sector in the last year.offic
The office real estate market is a growth area in Portugal with the increasing demand of multinationals that want to strengthen their presence in the country as well as the limited amount of core assets.
Julián Bravo, Head of Real Estate Finance of ING Spain and Portugal commented: “We are extremely proud to have been selected as a sole lender for such a renowned investor in their first real estate finance project in Portugal. This transaction demonstrates our expertise in financing international landmark office buildings, seeking out new investor partners and our continued commitment to the real estate finance market in Portugal.”
Alvaro Travesedo, from Marathon, said: “We are delighted to have closed our first real estate transaction in Portugal with ING. We will invest further in the properties to improve their appearance and value. We believe the Portuguese market will perform strongly in the coming years and we are committed to growing our footprint in Portugal. We hope to make additional acquisitions over the coming years”.
