Cerberus emerges as buyer of €125m Fidelidade assets in Portugal

Cerberus is understood to have paid just below €125 mln for a portfolio of five properties in Lisbon and Porto including the current head office of local insurer Fidelidade.

Chinese Fosun-owned insurer Fidelidade confirmed the sale in early January without disclosing the name of the buyer or the investment volume. However, PropertyEU understands the assets were bought by New York-based Cerberus which has forked out some €80 mln for Fidelidade's current HQ in Calhariz and another €40 mln for four other assets; three other offices in Lisbon - Terminal K in Santa Apolónia (6,630 m2), the Marechal Saldanha building (2,334 m2), the Malhoa 13 building in Praça de Espanha (5,924 m2) and one in Porto - Galeria de Paris (3,918 m2)

PropertyEU first reported in September that the insurer was looking for a buyer for the portfolio known as Arya. The package consists of mature/legacy assets which have been sold as part of the group’s renewed focus on development. It includes Fidelidade’s current headquarters in Lisbon's Calhariz which was sold in view of the company’s planned relocation to the Entrecampos development site in the heart of Lisbon's main office district.

Fidelidade bought the site last year for €274 mln and is planning a mixed-use scheme of up to 180,000 m2 including a 30,000 m2 head office, with a projected end value of €600 mln.

The current head office in Calhariz offering 20,000 m2 was sold under a short-term sale-and-leaseback agreement.

The sale of the Arya portfolio was handled by agent CBRE.


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