Cerberus Fund buys Fidelidade property for €125 million

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Around four months after having begun looking for a buyer for a portfolio of five properties in Lisbon and Porto, including its Chiado headquarters, Fidelidade is about to close a deal with Cerberus for €125 million.

In September, Fidelidade placed a portfolio of five properties for sale, all located in the two main cities in Portugal, Lisbon and Porto.
The expectation by the insurance company owned by the Chinese giant Fosun, was that the sale would be completed by the end of the year but only for the value that the company thought worthwhile.
The portfolio has been sold now to the US fund Cerberus for €125 million. The portfolio called “ARYA” includes Terminal K in Lisbon’s Santa Apolonia (6,630m2) for a potential hotel, the Marechal Saldanha building (2,334), Malhoa 13 building (5,924) in Praça de Espanha and the Galeria de Paris, in Porto (12,882m2).
The most valuable asset in this portfolio is the actual headquarters of Fidelidade at 30 Largo do Calhariz, Chiado which covers 19,835m2 above ground level which brought in €80 million of the €125 million.
The city-centre building is likely to be earmarked for hotel accommodation and offices as well as street level shops. Apart from Fidelidade, the building also houses a property leased to Caixa Geral de Depósitos.
The operation took place under a sale&leaseback scheme whereby Fidelidade will continue on in the same building as a lessee.