UK fund buys Sonangol buildings in Lisbon for €30 million

Angolan oil company Sonangol sold two unfinished buildings in Saldanha, Lisbon, to the UK fund Signal Capital Partners. The buildings, which had been on the market since 2019, were sold for around 30 million euros.

The transaction took place through Puaça, a subsidiary of Sonangol. The deal involves two office and residential buildings, with a total area of 14,500 square metres, says Worx, the responsible for the sales, in a press release. In the project’s initial phase, the idea was to build offices, flats and a congress centre in these properties.

The oil company bought these buildings in 2009 for 38.5 million euros, as reported at the time by Jornal de Negócios. A decade later, in the summer of 2019, it put the buildings up for sale, having received six bids at the time, but the sale never happened.

“This transaction demonstrates the ability of our capital markets structure to complete yet another complex transaction to sell a key asset in the middle of one of Lisbon’s main city areas,” says Worx CEO Pedro Rutkowski, quoted in a statement. He noted that the deal “attracted the interest of the main investors in the national and international market.”