British fund in €425 million Lagoas Park purchase

A business park on the outskirts of Lisbon is under negotiation for sale to a British fund for €425 million.

Lagoas Park in Oeiras, 20 minutes from centre of Lisbon, is being sold by the British fund Kildare Partners which had purchased the site two years ago from Portuguese construction giant Teixeira Duarte.
Negotiations are said to be well advanced for the current sale to Henderson Park Capital Partners.
Henderson Park is a private equity real estate management company headquartered in London and led by founder and CEO Nick Weber. It has invested over $9 billion (€7.5Bn) in building a portfolio of real estate assets across Europe, primarily targeting Europe’s gateway and capital cities.
It focuses on high-quality assets in prime locations where it can identify potential to unlock or create value through asset management (as is the case in Lagoa Park), or by taking on and working through complex situations. Henderson Park strives to work with and create long-term strategic relationships with best in class global and local partners and to deliver attractive risk-adjusted returns for investors.
The news was broken by React News which mooted the €425 million price tag. The transaction would represent a yield of almost 6% for Henderson Park in what could be one of the biggest real estate transactions this year.
Lagoas Park is one of the largest business parks in Portugal with 85,000 m2 of office and open space, comprising 15 office buildings, a four star business hotel, conference and events centres, a gym, restaurants, shops and 5,700 parking spaces.
It also has a technology hub which is home to around 100 companies including Google (the largest company in the park), Cisco, Oracle, SAP and Dell.
Lagoas Park was sold in 2018 by Teixeira Duarte to Kildare Partners for €375 million at a time when the Portuguese building giant was selling off assets to pay off its debts accumulated during the last financial crisis.