Santander to sell former HQ in Lisbon for €50M

The bank Santander is to sell the former headquarters of the defunct bank Banco Popular in Lisbon to the Spanish group Incus Capital for around €50 million.

According to the newspaper Negócios, the deal on the building located off Praça de Espanha should be clinched in January.
Santander purchased the bank four years ago in 2018. The building to be sold sits right next to Santander’s current head office on Rua Ramalho Ortigão.
The property asset was put on the market at the end of October, and by 30 November attracted 10 national and International potential buyers, including Square Asset Management, Finsolutia (a leading Fintech servicer in Iberia), and the Grupo Violas (one of the premier Portuguese business groups with investments in various business areas such as tourism, real estate and textiles).
Santander set the starting price at €40 million, and the interested parties had to present offers that were the same or higher.
The highest offer was made by venture capital bank Incus Capital that offered more than €50 million which was accepted by Santander.
The deal should be finalised early next year since Santander is looking to sign the final purchase contract by the end of January, 2022, supporting the costs of the property until contracts are exchanged.