Navigator building sold for €120M

 In Funds, News, Real Estate

A millionaire French entrepreneur has bought The Navigator Company headquarters building in Lisbon and 16 other buildings for €120 million.

The British investment fund River Crown sold the Maxirent fund, which involves 17 properties in Portugal, to a fund listed in Singapore which is controlled by the French millionaire Pierre Castel, in a deal worth around €120 million according to the site PropertyEU.
The deal has taken place around 18 months after River Crown had acquired Maxirent and a majority share in Refundos.
Founded in 1993, Refundos SGOIC S.A. is an asset, investment and real estate management company.
The main activity of Refundos is the management of Maxirent – Closed Real Estate Investment Fund, listed on Euronext Lisbon.
Since its creation, and in its role as investment manager for Maxirent, Refundos has been responsible for the acquisition and sale of over 50 assets.
The acquisition in September 2019, according to news at the time, was for around €100 million.
Among the assets that Maxirent has, are two buildings on Lisbon’s Avenida Fontes Pereira, No 27 worth €12.3 million and is the office building which contains The Navigator HQ. Also No7 in the same street has a 7,700m2 office building worth €26.1 million. Also part of the same property portfolio in the fund is one in Rua das Chagas in Chiado, worth €8.3 million.
The portfolio also includes the Prime building (€11.1 million) in Alfragide, as well as another two office spaces (€10.4 million) also in Alfragide, Estação building (€4 million), in Parede, and a land plot in Ajuda ripe for construction, worth €7.38 million.
The portfolio also has assets in Cascais, Sintra, Albufeira and Setúbal. Pierre Castel has now invested around €500 million in the Portuguese real estate market.