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Union Investment will sell the "Torre Oriente" office tower in Lisbon to a joint venture between Sonae Sierra and Bankinter Investment. The sale price was not disclosed. It is above the most recently determined expert value. The transaction is expected to close by the end of 2025. The property was part of the portfolio of the open-ended real estate fund UniImmo: Global.
"Since the acquisition in 2009, Torre Oriente has achieved stable cash flows and positive performance for the UniImmo: Global mutual fund. With the sale of the office tower, we are taking advantage of a market opportunity in Portugal's recovering investment market, building up additional liquidity for the fund and at the same time rejuvenating the portfolio," says Martin Schellein, Head of Investment Management Europe at Union Investment.
The building, which was completed in 2009, is located in the northwest of Lisbon and forms an ensemble of buildings with its neighboring tower, the "Torre Occidente" and the Colombo Shopping Center. The office tower has a lettable area of around 27,600 m² on 14 floors and is currently 95.3 percent leased according to income.
Union Investment was advised by the law firm Perez Llorca.
