The director of the American investment fund bought the office building of D. Luís in Lisbon for 45.25 million euros.
In less than five years, the value of this building was approximately 16 million euros. In May 2017, D. Luís, located on Rua do Instituto Industrial, next to Av. 24 de Julho, by Rockspring Property Investment Managers LLP, a London-based investment fund, for €29 million.
Subsequently, Rockspring was acquired by German investor group Patrizia, who have now sold the building to Major Real Estate Investors, part of Global Principal Investors.
D. Luís has seven floors, measuring 10,279 square metres, with shops, entertainment spaces and 146 parking spaces and is entirely occupied by several businesses. One of them is the Portuguese luxury fashion company, which operates on the Internet, Farfetch, which occupies an area of about three thousand square meters on the second and third floors of the building. The American multinational Sitel also operates in D. Luís, occupying three floors and a Hut fitness facility.
Until 2015, D. Luís was owned by Millennium BCP and there was back office services work for the bank, until they were relocated to Tagus Park, in Oeiras.
This is Principal’s second investment in Portugal, which he believes will achieve a better distribution of its assets across Europe, with the group of American investors already in eight European countries.
Moreover, Sebastian Leach, director of fund management at Principal Real Estate in Germany, wrote in a statement that the building’s characteristics and location are “in line” with the company’s strategy of seeking to invest in markets “that have been growing both in terms of demographics, innovation or global business.”
Irina Fa, Senior Transaction and Asset Manager at the prime real estate firm, stresses that the D. site has become very popular with national and international office occupants looking for a modern space.”
“Writer. Analyst. Avid travel maven. Devoted twitter guru. Unapologetic pop culture expert. General zombie enthusiast.”