Lender Banco Portugués de Inversiones (BPI) has announced the sale of a city-centre historic office scheme in Lisbon to asset manager Norfin, acting on behalf of an unnamed German fund.
The complex consisting of five buildings providing a total of 11,000 m2 of space was sold for €66 mln.
Norfin plans to extensively refurbish the scheme.
'The divestment allows us to realise an important gain that will strengthen our capital and open up new investment opportunities in the value-add space,' said Manuel Puerta da Costa of BPI's asset management arm.
The asset, which was put on the market in January, received a large number of offers, according to Pedro Lancastre, managing director of agent JLL Portugal which brokered the deal.
'This is an iconic transaction, not only because of its size and importance for the real estate market, but also because of the impact it will have on the city of Lisbon.'