M7 Real Estate has sold the 3,500 sq m (circa 37,000 sq ft) Forte 9 office building – formerly known as Cervejaria Lusitânia facilities – on Avenida do Forte, in Carnaxide, to Portuguese real estate developer Lusoproa, for an undisclosed price.
Leonardo Peres, managing director of M7 Real Estate Portugal, said, “Despite current headwinds, we saw an opportunity to crystalise value for our investors leveraging the continued resilience of the Portuguese investment market as well as the strong underlying fundamentals in the Carnaxide area.
“The sale of this asset to Lusoproa is in line with our business plan and follows the completion of our asset management strategy. This saw us expand the lettable space and secure a license to renovate the building. Portugal remains a key market for M7 and we have ambitions to continue deploying capital on behalf of our clients, if the right opportunities arise.“
Miguel Batista, from Lusoproa, said: “It is a very well-located asset, with characteristics that allow the development of a very interesting project, which will undergo the total conversion of the existing into a building totally adapted to the current needs and requirements of the market. It is an important investment for Lusoproa, as so far our investment strategy has gone mostly through the development of residential assets.”
José Hermozilha, head of investment properties at CBRE, which managed the sales process, added: “it is an iconic building in the Carnaxide area, with great visibility from Avenida do Forte, and with strong potential for repositioning by the new owner. Due to its characteristics and flexibility, we strongly believe in the success of an alternative use project.”
