MERLIN Properties reinforces its presence in Lisbon with the acquisition of Central Office Building
MERLIN Properties Socimi, S.A., (“MERLIN Properties”) (MC:MRL), has completed the acquisition of Central Office Building leading to an expansion of its footprint in the Lisbon office market and, more specifically, in the Expo area.
The asset, located in Dom Joao II 45, the main avenue in Parque das Nações in Lisbon, was originally designed by prestigious architect Federico Valsassina and opened in 2005. The 13 storey building comprises 10,310 sqm of lettable area and is 100% let to best-in-class companies.
The acquisition price amounts to € 29 million representing € 2,850 per sqm and a 6.8% gross yield.
Through this acquisition, MERLIN increases its footprint above 50,000 sqm in the Lisbon office market which is showing an excellent performance. In 2016, office take-up in Lisbon reached its maximum level for the past 8 years (more than 145,000 sqm) sustained by positive macro data, a competitive labour market and a great quality of life, which is attracting the “back-office” of several multinationals. Therefore, Parque das Nações has shown its dynamism benefiting today from almost full occupancy.