Frankfurt-listed investor Patrizia has acquired a hotel development project, Tagus Square, in Lisbon, Portugal from a private individual on behalf of a German pension fund.
Financial details were not disclosed.
According to the German fund manager, the asset will be transformed into a brand new luxury 4-5 star hotel, over 6,200 m2, with more than 100 rooms. Patrizia said it was in discussions with a number of potential hotel operators for the scheme.
'This acquisition of one of the few landmark Lisbon hotel developments on behalf of our client demonstrates our ability to secure high quality assets in a very competitive market place and is underpinned by our local market expertise,' said Augusto Zunzunegui, transactions director Patrizia Iberia.
'The purchase presents a compelling opportunity to add value through a number of asset management initiatives. As the Portuguese economy continues to grow, this high quality development positioned close to the waterfront in a vibrant and trendy area of Lisbon, is well poised to take advantage of the strong demand for hotel beds as the city increasingly attracts international companies, investors and tourists,' Zunzunegui added.
The transaction increases Patrizia’s assets under management in the Iberian peninsula to close to €1 bn.
Patrizia was advised by Morais Leitao (legal and tax), Gleeds (technical) and Aldaba Partners (commercial). The seller was represented by JLL (commercial) and Pares Advogados (Legal).