Novobanco shortlists bidders in sale for its headquarters

  • ECO News
  • 24 June 2022

The bank has closed the shortlist of potential bidders for its headquarters in Lisbon. According to Bloomberg, Vanguard Properties "is among several suitors selected to submit binding offers".

Novobanco has shortlisted bidders for the sale of its headquarters on Avenida da Liberdade in Lisbon, valued at around €100 million. This information was reported by Bloomberg, which also said that Vanguard Properties “is among several suitors selected to submit binding offers”.

The Portuguese bank has mandated JLL and Cushman & Wakefield to market the building, which was presented to investors on  April 18, with a base value of €95 million. The building, with around 15,000 square metres above ground, has aroused the interest of several entities, including international investors.

ECO knows that Novobanco expects to choose a bidder by the end of July and close the sale by the end of September. But this a sale & leaseback operation, because after the selling process, the Portuguese bank wants to continue in the building for a few more months. The bank’s proposal is to continue as tenant for six months, subject to a rent payment of €402,408.72. However, this lease can be extended to a maximum of 18 months. This period is necessary to allow time to complete the works on the future premises.

As ECO reported in April 2021, Novobanco has given up plans to build a new headquarters in Amoreiras and decided to move to Tagus Park, where it already has around 800 employees working.