Real estate promoter Avenue has purchased a 69,000 m2 land plot in Lisbon's Parque das Nações to develop a €150 mln office campus to be known as Exeo.
Financial details were not disclosed.
‘Exeo Office Campus is Avenue’s first office project. It is part of our active field diversification strategy for the 2018-2020 period,’ explained Aniceto Viegas, Avenue’s general director.
‘We are convinced that it will be successful, not only because of the elevated market demand, but, most of all, because of its innovative characteristics that make it an example of the new generation of offices,’ he added.
The campus consisting of three buildings is expected to be completed by 2022.
International real estate advisor Savills Aguirre Newman brokered the deal.
Paulo Silva, head of country of Savills Portugal, commented: ‘This deal was a good business for both parties. The land is in great condition, located in a strategic area of Lisbon where the real estate market is eager for offices, as revealed by the availability of spaces which is currently less than 3%.’