CBRE Advises on the Sale of São Filipe Neri Building
Building located in Amoreiras sold to Atlantis
CBRE, the world's leading real estate services consultant, advised on the sale of São Filipe Neri building, a property located in the Amoreiras area, Lisbon.
The São Filipe Neri building previously comprised of the Caixa Arrendamento Fund, a closed-end real estate investment fund managed by Norfin, and the first Portuguese investment fund focused on the residential rental market. With circa 4,800 sq m, the building was sold to the Closed-End Real Estate Investment Fund Atlantis, managed by Silvip and owned by a French family office focused on investment in Lisbon. Currently, the property use is mainly residential, coupled with several retail units on the ground floor. In this transaction PLMJ law firm rendered legal advice to the buyer.
One of the most attractive factors of this transaction was the scarcity of this class of yield-driven assets within the Portuguese residential real estate market. In addition, the property’s location, near Jardim das Amoreiras, a middle-upper class residential area, and the scale of the building, with more than 40 units, have greatly motivated the investor. The combination of these factors, together with the enormous refurbishment potential were envisioned by the new owner as a successful formula.
São Filipe Neri building is located between Rua Fábrica das Sedas, Rua João Penha and Rua São Filipe Neri, 55-57.