Fidelidade wins auction for prime Lisbon site with €274m bid

Chinese Fosun-owned insurer Fidelidade has emerged as the winner of the auction for the former fairground site in Entrecampos, in the heart of Lisbon's main office district.

The group was the most aggressive bidder in what was described as a highly competitive process dominated by Fidelidade and Spanish REIT Merlin Properties’ Portuguese arm.

With offers for a total of €274 mln, Fidelidade was in the end awarded all four lots in the sale, which was held on 12 December following several postponements.

‘The purchase of these plots of land will allow us not only to implement the construction of the new headquarters of the group in Lisbon, but also to participate in a real estate project that is truly innovative for the city and which will create a new city centre of international visibility,’ Fildelidade said in a press release.

PropertyEU reported earlier this month that the area - one of the largest-ever development opportunities in Lisbon – had received three preliminary bids from Spanish REIT Merlin Properties, Fidelidade and a unit of US-based investment manager King Street Capital Management.

Fidelidade was advised by C&W in the process. CBRE acted for King Street.

The former fairground site is planned to house a prime, mixed-use CBD scheme of up to 180,000 m2 with a projected end value of €600 mln.

This article first appeared in Europroperty, the weekly publication of PropertyEU


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