Novobanco: shortlist for HQ sale

 In News, Real Estate

Portugal’s Novobanco has already selected the potential buyers for its HQ building on Lisbon’s Avenida da Liberdade.

The shortlist of potential buyers for the emblematic bank which served as the headquarters for Banco Espírito Santo until 2014 has been valued at €100 million. According to Bloomberg Vanguard Properties is on the shortlist.
Vanguard owns a portfolio of buildings in Lisbon, Oeiras, Comporta and the Algarve. Novobanco has mandated JLL and Cushman & Wakefield to sell the building which was presented to investors on 18 April with a starting price of €95 million.
The building has around 15,000 m2 above ground and had attracted the interest of several international investors.
According to ECO, the expectation is that the bank will select a final buyer by the end of July and close the deal by the end of September. However, the bank intends to remain in the building for six months under a sale and leaseback operation, paying a rent of €402,408.72.
The rent may be extended to a maximum of 18 months, which would give the bank enough time for works at its future premises at Tagus Park (a business and technology park) in Oeiras where it already has around 800 staff working.
The bank is having a campus built covering 55,000 m2 The new HQ project involves joining three pre-existing buildings, and building a fourth from scratch.
The new campus will have offices, gardened leisure areas, a gym, meditation room, canteen and bar with esplanade.