NIPA Capital sells 13,000 sq m Porto office building
Netherlands-based investor NIPA Capital has concluded the sale of the D Manuel II office building it had acquired in October 2019.
The office building D Manuel II is one of the most iconic buildings in the dynamic city of Porto. The asset has a unique location in the city centre, next to the gardens of Palácio de Cristal and the recently refurbished Superbock Arena venue with good public transport and road connectivity. The property offers office floors with stunning views over the Douro River and provides approximately 13,000 sq m distributed over 13 floors above ground, as well as approximately 150 underground parking units.
NIPA Capital took the opportunity to achieve a substantial return on investment, less than two years after the acquisition. The transaction was part of a co-exclusive sales process managed by the international real estate consultants Savills and CBRE.
“Today’s transaction brings us one step closer to making NIPA Capital a leading investor in the Porto market. This unique sale provides us the opportunity to re-deploy the proceeds into the Portuguese market. We are currently expanding our operations in Portugal with a clear focus on larger cities,” says Nikolaas Henket, Partner at NIPA Capital. “The advisors brought the opportunity together efficiently achieving a great result.”
“D Manuel II’s office building transaction confirms that Porto continues to be a sought-after destination for international investors. The office segment has proven resilient during the last year and continues to be the focus of many domestic and international tenants. Savills is proud to have advised NIPA Capital in this disposal and at the same time being responsible for one of the largest office transactions in Porto,” says Alberto Henriques, Investment Associate Director at Savills.
Miguel Alvim, Capital Markets Associate Director at CBRE, maintains that: “Over the past years, Porto has shown several signs of strong consolidation and has demonstrated an impressive resilience to the pandemic crisis. Moreover, Porto has proven its rock-solid ability to attract the main national and international investors, despite competition from other major European cities”.
He highlights that: “CBRE is absolutely delighted in having assisted NIPA Capital through the acquisition, leasing and disposal processes. This is yet another example of Porto's vigorous momentum.”