Orion acquires prime Portuguese office development project
Orion European Real Estate Fund V, a fund sponsored by Orion Capital Managers, has acquires the 37,000 sq m Multiusos Oriente development project from Millennium bcp.
International real estate advisor, Savills, advised Millennium bcp on the disposal of the prime office development project for an undisclosed sum.
The Multiusos Oriente, which is located next to the biggest office district of Lisbon, Parque das Nações, comprises a permitted project for 37,000 sq m of prime office space expected to be delivered end of 2022.
Paulo Silva, Head of Savills Portugal, says: “We are pleased to have advised our client, Millennium bcp on the disposal of this strategic asset located in an enviable part of Lisbon. Upon completion, the new Multiusos Oriente campus will be a key attribute to the local urban area on both a community and business level.”
Gauthier Renaud, Director at Orion Capital Managers, says: “Our decision to invest was supported by the strong long-term fundamentals and immediate scarcity of modern office space in Lisbon. This acquisition represents a unique offering to create a new campus style horizontal building with generous and desirable outdoor spaces.”
Multiusos Oriente is an investment by Orion European Real Estate Fund V, slp a fund sponsored by Orion Capital Managers.