Six months were enough for BPI bank to successfully find a buyer for their block, located at the Portuguese downtown area, Baixa. Sold for €66m, Lisbon shows an increasing trend in real-estate prices.
Six months after the building being put up for sale, BPI found its buyer, making this almost officially a done deal for the bank. The entire block located at the downtown area was bought for the amount of €66m. This emblematic property was sold to a German international fund in what was a notably “well-disputed process”.
Augusta Lisbon has been considered as one of the properties with more potential for urban rehabilitation projects in the city, as it is surrounded by the most symbolic streets of downtown Lisbon. The winner of the bidding was Norfin, a privately-owned real estate investment fund managed by João Brion and Alexandre Relvas (German fund operating in Portugal).
JLL was the consulting company was responsible for marketing the buildings. This property was part of BPI’s retirement fund and ” it turned out to be one of the most challenging and competitive assets sales in the market”, said JLL in a statement.
Formerly known as… BPI’s block
The well-known building block will be sold for a value over the €66m pitch. It is surrounded by Rua Augusta, Rua do Ouro, Rua do Comércio, and Rua de São Julião, contemplating an 11,100 square meters of total construction area, and a total of five buildings, four of which had been owned until now by BPI.
The value of this property will be raised for it will be conjugating several types of housing, retail, and hospitality, increasing its value. BPI’s Pension Fund administrator, Manuel Puerta da Costa, commented on the bank’s exit strategy, noting it was a smart option for BPI to allocate directly the capital to the Pension Fund, a move that will reinforce and strengthen the retirement scheme.
The whole process was indeed very fast, unsurprisingly, due to the exclusivity of the location, and the uniqueness of the building.