BPI fund buys Saldanha Residence

The real estate investment fund that is managed by the Portuguese bank BPI, BPI Imofomento, has acquired the Lisbon shopping centre Galerias Saldanha Residence for €27 million

The deal announced this month by the Director of BPI Asset Management (Gestão de Ativos), Manuel Puerta da Costa stated in a communiqué “this property fits into the management strategy of BPI real estate fund Fundo Imobiliário BPI Imofundo, with its focus on prime assets located in the more consolidated areas of Lisbon from a real estate point of view”.
BPI Imofomento – an open fund — purchased the property from the closed fund Novimovest which is managed by Santander Asset Management.
The consultants Worx acted on behalf of Santander Asset Management as exclusive consultant and assessor in the deal.
“During times of difficulties and uncertainties, such as the one we’ve been going through in recent months, that properties are to be found with a potential for growth and increasing in value which is above average for property in the long term”, added Puerta da Costa.
The Galerias Saldanha Residence opened it doors to the public in 1999 and located in Praça do Saldanha in Lisbon “serves a cosmopolitan population that gravitates towards it from the surrounding catchment area (of shops, offices, hotels and residential areas) on a daily basis”, stated Worx Real Estate.