NIPA Capital has successfully completed the sale of the Latino Coelho 142 (LC142) office building in Porto. The property acquired in 2020 underwent a comprehensive refurbishment and is now occupied by companies such as Kuehne Nagel, Transcom, and Can Do Portugal.
LC142 offers a total of 3.900m2 of Gross Leasable Area and 36 indoor parking units. There is still a 350m2 unit available to companies seeking office space in the city.
Patrick Grasso, Partner at NIPA Capital, said: "The transaction is a continuation of NIPA’s successful track record in Portugal, where it has been a dedicated developer and investor for the last 5 years."
Francisco Seabra Ferreira, Head of Real Estate at Serris REIM, pointed out: ”We are excited about the LC142 acquisition, marking our first investment in Porto. The quality of the building's rehabilitation solution and its convenient location, combined with the economic dynamism of the Porto Metropolitan Area, were key factors in our decision, strengthening the VRE Fund's presence in Portugal. We look forward to further contributing to this vibrant city's economic and business development, and we hope to invest again in the Northern region of the country later this year."
Alberto Henriques, Business Development Director at Savills Portugal, said: "We are delighted to have supported NIPA Capital in yet another successful transaction, the third in the past three years, while also assisting Serris REIM in entering the dynamic Porto office market, further solidifying our longstanding relationship with both entities."
Joao Leite de Castro, Commercial Director at Savills/Predibisa, comments: "This building was an excellent instruction for Savills/Predibisa since, in addition to having already placed two tenants in this asset - Transcon and Can Do - we also advised on its sale, proving our position as a strategic business partner in the Porto real estate market."
Savills has assisted NIPA Capital in the letting process, sustainability assessment and transaction management. CCSM has provided the legal advisory for the seller while Pbbr, Watermark and NewCycle assisted the buyer with legal, tax & financial and technical advisory services on this acquisition.