BPI fund buys Galerias Saldanha Residence for €27 million
The Galerias Saldanha Residence opened its doors in 1999, more than two decades ago, and is located in an important office and business area of the capital, receiving 2.5 million visits per year.
The Galerias Saldanha Residence, in Lisbon, has a new owner. The property was acquired for €27 million by BPI Imofomento, an open-ended real estate investment fund managed by BPI Gestão de Ativos. They used to belong to Novimovest, a closed-end investment fund managed by Santander Asset Management.
The Galerias Saldanha Residence opened its doors in 1999, over two decades ago, and is located in an important office and business area of the capital, receiving 2.5 million visits per year.
“In its vicinity, we find the offices of several national and multinational companies of reference, such as KPMG, PLMJ, Altice and BPI among others, whose employees contribute to the approximately 2.5 million visitors that frequent the gallery annually,” explained the real estate agency Worx, which advised the operation on the seller’s side. The property comprises 6,900 m2 of Gross Lettable Area (GLA) and 40 shops.
For the director of BPI Gestão de Ativos, Manuel Puerta da Costa, the acquisition of the Galerias Saldanha Residence “is part of the management strategy of the BPI Imofomento Real Estate Fund, with a focus on prime assets in the most consolidated areas of Lisbon from a real estate point of view”.
“It is in times of some difficulties and uncertainties such as those experienced in recent months that one finds properties with a potential for growth and appreciation above the average of the long-term valuations in real estate,” he further explained.
Pedro Rutkowski, CEO of Worx, highlighted the “excellent location” of the property, located in a “consolidated area for both services/offices and residential”.