Explorer investments is selling five of their buildings in Lisbon, for €50m. The assets were part of a portfolio with 14 properties which had to be sold altogether.
Two years after buying them, Explorer Investments is now selling five buildings in Lisbon. The recent owners of the Resort Penha Longa are asking for about 50 million euros for these real estate properties, with a total area of 18 thousand square meters. Some of the buildings, which have businesses like Starbucks and a private hospital unit (CUF), previously belonged to the SIL Group, which bought them to Sporting about ten years ago.
It was in the summer of 2017 that this asset management company, Explorer, purchased a package of 14 properties from Silutog, SIL Group’s subsidiary company dedicated to real estate development. Among them were Alvaláxia mall and a health club (Holmes Place), the Liberty building on Avenida Fontes Pereira de Melo, and another building on Avenida Duque de Palmela, the former headquarters of the newspaper Expresso. At the time, Explorer spent about 150 million euros.
The assets were part of a portfolio and had to be acquired altogether, as Pedro Silveira, president of the SIL group, told ECO. “They bought 14 of our properties, of which about six are very good and, from what I can see, they will save those. Two or three of them are due to be rebuilt and sold in the next four or five years. And then there are five that they do not like, but they had to buy as they were part of the package. Those are less attractive real estate properties”, he explains.
EREF – Explorer Investments Real Estate Fund, is now on the market to find a buyer: Building E, Alfrapark (Alfragide), Visconde de Alvalade, CUF Alvalade Clínica (Alvalade), the Smart Building in Parque das Nações and a branch in Madeira, revealed to ECO a source close to the process. In total, there are about 18 thousand square meters ready to change hands, and all for about 50 million euros.