Novo Banco Headquarters - Trophy Asset sold for €112 million

Our Portuguese Capital Markets team, led by David Lopes, has advised Portuguese bank Novo Banco on the sale of its former Lisbon headquarters to Merlin Properties for €112.2 million. The new headquarters of the bank will be in a new development in Campus Tagus Park in Oeiras. 

The asset on Avenida da Liberdade, in the heart of Lisbon, totals 15,500 sq m (166,800 sq ft). The vast number of opportunities presented by this asset mobilised hundreds of interested investors and we ultimately received more than 30 non-binding offers, totalling around €3,000 million in proposals – equivalent to the average investment volume in commercial in Portugal in one good year.  

The bids came from a wide array of national and international investors, with multiple risk / return profiles and different intended uses: offices, hotel and residential. 

David Lopes, Head of Capital Markets, said: “This is the type of transaction that will go down in the history of Portuguese real estate for the uniqueness of the building, plurality of possible uses, interest from investors and capital mobilized.”