Novobanco has 100 offers for HQ

Portugal’s Novobanco has received no less than 100 offers for its prime site headquarters on Lisbon’s most expensive avenue.

The bank, which is mostly owned by the US equity fund Lone Star, and will be led by Antonio Ramalho until he quits his position in August, received the non-binding offers for the building on Avenida da Liberdade. Insurance company Allianz, luxury developers Vanguard Properties, US development company Eastbanc and Vogue Homes are among the interested parties on the list.
According to Jornal Económico there are almost 120 entities which have signed a Non-Disclosure Agreement.
However, the bank will pay a monthly rent of €400,000 for up to 18 months after the sale of the headquarters building before moving all of its main operations to Tagus Park in Oeiras.
The current headquarters which covers 15,000m2 above ground has attracted the interest of various international investors. Novobanco hopes to close the sale of the premises in September as Mark Rourke takes the helm at the bank.
Project Liberdade was put on the market a month ago. The building was built in 1980 and has nine floors above ground and six floors underground with 172 parking spaces. Novobanco mandated JLL and Cushman & Wakefield to conduct the sale process with a stating price of €95 million. It cost the former Banco Espírito Santo Group €17.5 million equivalent in 1980 when it was built.