BCP sells Lisbon property to Sana Hotels

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BCP is to sell its headquarters building, covering almost an entire block on Rua do Ouro in Lisbon, to Sana Hotels which is planning to open its fourth hotel in the city.

The bank, which is headed by Nuno Amado, has sold the building to the hotel group without any intermediary such as a property consultant which is unusual for a sale of this size.

The building, which dates from the second half of the 18th century and is in the Pombaline style, has six floors and a total land area of 8,850 metres, occupying almost an entire block with façades on Rua do Ouro, Rua de São Nicolau and Rua dos Sapateiros.

According to the property consultants Worx, the average price per square metre for commercial buildings (with the aim of being turned into hotels) in Lisbon’s downtown Baixa stands at around 5,000, which puts the value of the transaction at between €40 and €50 million.

Neither the Sana Group or BPC have revealed the total value of the transaction. The building is Grade A listed and contains finds from a dig within the building dating from Roman times which cannot be removed, meaning that the museological excavation site would have to be incorporated in any refurbishment and change of use from corporate bank headquarters to hotel.

BCP joins BPI and Caixa Geral de Depósitos which have also been taking advantage of strong demand to sell off their buildings in downtown Lisbon at a time when Portugal continues to welcome many tourists.

BPI, the bank led by Pablo Forero, sold a flagship building in Rua do Ouro making the most of a time “when there is a market for these buildings and clearly providing an opportunity. We haven’t seen demand like this for years.”

State bank Caixa Geral de Depósitos (CGD) also sold a block in the same street with the help of consultants Cushman & Wakefield for a ticket of €60 million. Novo Banco too sold its historic building close to Terreiro do Paço square which is now being turned into 28 apartments ranging from studio flats to two-bedroom apartments which should be ready by 2019.