Patron Capital has completed the sale of BdB, a 3,600m² office building in Avenida Barbosa du Bocage, 85, Lisbon, to Fundo VIP, a Portuguese open-ended real estate fund managed by Silvip.
Located in Lisbon’s CBD, Patron acquired the asset on behalf of Patron Capital Fund V and in joint venture with Finangeste, with plans to reposition the vacant building as an institutional quality product. As a part of this strategy, the JV partners agreed a long-term lease for the building with Uber in July 2019, which saw the tech company commit to a significant capex programme to upgrade the space alongside investment from Patron and Finangeste.
Jonatas Szkurnik, Investment Director & Senior Partner of Patron, said: “The sale of BdB to a well-regarded core/core plus investor such as Silvip is a strong endorsement of Patron’s ability to strategically acquire well-located but under-invested assets and convert them into best-in-class products, resulting in an attractive exit yield for our investors. Portugal has become increasingly popular as a destination for creative and tech talent from outside the EU in recent years and this is only set to continue in the years ahead as companies are drawn to its business-friendly policies, good infrastructure, stable government, and climate; all of which serves to increase demand for high quality office space and residential properties. We have been investing in Portugal since 2015 and continue to see attractive opportunities in a variety of sectors, including offices, residential and retail.”
Luis Carita, Member of the Executive Board, said: “As part of the strategy to expand and upgrade the portfolio of Fundo VIP, we are focusing on completed office buildings that are well located in Lisbon and Porto and let to high quality tenants, with the opportunity to add further value through proactive asset management. The acquisition of the Barbosa du Bocage 85 building is part of this strategy, particularly through its location on the main axis of Lisbon and high-quality tenant. For 2022 and 2023, Fundo VIP will continue to focus on this type of asset, expanding the scope to other sectors such as urban logistics or retail, favoring commercial groups, with core plus investments that offer upside through rental growth.”
