Sonae Imobiliaria Sells Lisbon HQ; Leases Back Office Space

LISBON-European shopping center developer Sonae Imobiliária has sold its headquarters building here to AF Investimentos, a subsidiary of Banco Comercial Portugues Group specializing in asset management. Sale price of the asset is $12.5 million.

The building comprises 16,400 sf of office space, a 6,500-sf retail mall anchored by a Modelo Bonjour supermarket, and around 250 parking spaces. Sonae Imobiliária has signed a 10-year lease for the office space that it occupies.

Acting on behalf of Sonae Imobiliária, Cushman & Wakefield Healey & Baker sold this building to the Real Estate Portfolio Fund, managed by AF Investimentos. “A sale and leaseback operation, when properly structured, enables a company to free up resources for its core business,” says Luís Rocha Antunes, Partner and co-head of Cushman & Wakefield Healey & Baker’s Lisbon Investment Department. “Such an operation also offers a company more flexibility with regards to the office space that it occupies.”

Cushman & Wakefield Healey & Baker operates the European, Middle Eastern and African division of Cushman & Wakefield, delivering a worldwide service through 155 offices in 51 countries.

Sonae Imobiliária, a developer and manager of shopping and leisure centers, currently has interests in Portugal, Spain, Greece, Germany, Austria, Italy and Brazil.