Novobanco is proceeding with the sale of its headquarters. Business could yield €100 million

  • ECO News
  • 14 April 2022

Process of selling the building on Avenida da Liberdade in Lisbon starts on Monday. Novobanco prepares to move to Taguspark in Oeiras.

Novobanco will start selling its current headquarters building on Avenida da Liberdade next week, thus preparing for a move to Tagus Park in Oeiras, as ECO reported a year ago. The banking institution has hired consultants JLL and Cushman & Wakefield to start the operation, which will have a base value of €100 million, according to a source in the real estate market.

The Novobanco headquarters was in a kind of pre-sale at MIPIM, the Cannes real estate fair, where it was presented to several potential buyers. ECO contacted Novobanco to confirm this information, but the institution declined to comment.

In April last year, the financial institution closed a lease contract at Tagus Park for office space of more than 2,800 square metres, corresponding to lot 5. That same week, a survey was carried out among the workers affected by the move to that business park.

According to Visão, the works to accommodate the over 2,000 workers in Tagus Park have already started, in an area of 55,000 square metres. The campus will include office areas, meeting rooms, leisure areas with gardens, including a gymnasium, meditation room, cafeteria and bar with terrace. The project plans to unite three pre-existing buildings and build a fourth.

As explained by the director of the Human Capital department, Catarina Horta, to that publication, the aim is to move part of the 1,200 people still in Lisbon – spread over three buildings – to Tagus Park at the end of this year and the rest in the first quarter of 2023.

With the departure from Avenida da Liberdade, Novobanco becomes the last major bank to leave the heart of Lisbon, after BPI, BCP and Caixa Geral de Depósitos (CGD) had also sold their main buildings in downtown Lisbon in the wake of property appreciation and increased tourism (before the pandemic).