MERLIN Properties acquires from NOVO BANCO Marques de Pombal, 3, a landmark office building in Lisbon Prime CBD
MERLIN Properties Socimi, S.A., (“MERLIN Properties”) (MC:MRL), has completed the acquisition of Marques de Pombal 3, in Lisbon from NOVO BANCO.
The asset is located in the best spot within Lisbon Prime CBD area, in Praça Marques de Pombal, the junction between Avenida da Liberdade and Fontes Pereira de Melo. The 10-storey building comprises 12,460 sqm of lettable area, 9,435 sqm for office and 3,025 sqm of retail. The building, currently running at 63% occupancy, includes tenants such as McKinsey, NOVO BANCO, Banco Best or MDS Portugal. The asset offers significant growth potential through an active asset management to be focused on enhancing the retail area into upper scale, and continue bringing to the office component the best specifications in the market as contracts expire. The acquisition price amounts to € 60.3 million representing a gross yield on current occupancy of 4.0% and an ERV yield of 6.5%.
Through this acquisition, MERLIN increases its footprint in Lisbon to 60,117 sqm, predominantly located in prime CBD and the Expo areas, in a market that is showing an excellent performance.