Fidelidade puts €100m Portuguese office portfolio for sale

Chinese Fosun-owned insurer Fidelidade is understood to be looking for a buyer for a portfolio of five office buildings in Lisbon and Porto worth some €100 mln.

According to well-informed market sources, the portfolio consists of mature/legacy assets which are being sold as part of the group’s renewed focus on development. It includes Fidelidade’s current headquarters in Lisbon which will be 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 offering 20,000 m2 is expected to be sold under a short term sale-and-leaseback agreement. The portfolio also includes three other offices in Lisbon and one in Porto for a total of 19,000 m2.

The sale, which is being handled by agent CBRE, is currently in the non binding phase and is expected to close before the end of the year.

Also in the Portuguese capital, Anchorage Capital is understood to be selling a portfolio of three office buildings for a price of around €80 mln. The US-based investor is looking to take advantage of favorable market dynamics since it bought the assets back in 2017 from insurer Tranquilidade.

Agents are quoting prime office yields at 4% in the Portuguese capital, with prime rents at €23 and rising.

Anchorage is said to have received several non binding offers for the portfolio and is expected to shortlist bidders shortly.

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