Orion invests €140M in Parque das Nações

 In News, Offices

The Orion European Real Estate Fund V, a UK investment fund managed by Orion Capital Managers, is redeveloping the ‘Multiuso do Oriente’ complex at Parque das Nações into an ‘offices with gardens’ project in a €140 million investment.

The building had been sold in 2021 by Millennium bcp and had been bought by the real estate fund.
The refurbishment and repurposing of the asset which covers 37,000 m2 of office space in on track to be completed by the end of this year.
It was the first investment by Orion in Portugal. Gauthier Renaud, director of Orion Capital Managers highlights: “Our interest in investing was supported by the strong fundamentals of long-term investment and a lack of modern office space in Lisbon. This acquisition represents a unique opportunity to create new office campus in a horizontal building stye with generous and desirable outdoor spaces”.
Abandoned for a decade, the huge concrete skeleton in Moscavide, in a location where the bankrupt developer Obriverca wanted to build ‘Multiusos Oriente’ until loans were called in by bank BCP, will be transformed by the UK fund and rechristened ‘Oriente Green Campus’ and will be ready to receive office workers from the second half of 2023.
In 2010, Obiverca had been one of the largest construction companies in Portugal – founded by a consortium of investors including the ex-president of Benfica football club Luís Filipe Vieira in what was meant to be a mega-development in Moscavide.