AXA Real Estate completes sale of a 6,200 sqm office asset in Lisbon
AXA Real Estate Investment Managers, acting on behalf of its European Added Value Fund (EAVF), has sold the freehold interest in a building located at Avenida do Mediterrâneo, Parque das Nações in Lisbon, to a private investor.
The building is one of the most renowned in Parque das Nações, having received an award for the best office building in Portugal at the Óscares do Imobiliário architecture awards in 2000.
The building comprises 6,200sqm of office and retail area in addition to 133 parking spaces leased to AXA Seguros until April 2020.
EAVF was launched in April 2006 and focuses on properties with added value potential located in the Eurozone and the Nordic countries. The fund is currently invested in over 70 properties which are diversified by asset class across the office, retail and industrial sectors, and geographically across Germany, Italy, France, Belgium, The Netherlands and Denmark.
CBRE acted as agent in this transaction.
Hermann Montenegro, AXA Real Estate Investment Managers Iberica SA, says: “This is one of the most significant transactions within the Lisbon office market this year and demonstrates AXA Real Estate’s ability to generate value on behalf of our investors despite difficult market conditions. The sale also forms part of the wider strategy for EAVF, as the fund approaches the end of its natural life, to crystallise value in order to maximise returns to investors and we continue to make good progress in executing this programme.”