Main Photo: The Tagus Square development
Date: July 2019
Location: Cais do Sodré on Praça Duque da Terceira, Lisbon, Portugal
Name: The Tagus Square Hotel Development…Patriza is in discussions with a number of potential hotel operators for the scheme.
No. of Keys: 100 plus
Seller: Private investor
Buyer: German commercial real estate investor Patrizia AG has acquired, on behalf of a German pension fund, the Tagus Square hotel development in Lisbon, Portugal from a private investor.
Patrizia AG has been active as an investment manager in the real estate market across Europe for more than 35 years. Their activities include the acquisition, management, re-positioning and sale of residential and commercial real estate through its own licensed investment platforms.
Patrizia manages more than EUR 40 billion of real estate assets, primarily as an investment manager for insurance companies, pension fund institutions, sovereign funds, savings and cooperative banks and as co-investor.
The 6,200 sqm asset, located in the popular district of Cais do Sodré on Praça Duque da Terceira, will be converted into a luxury hotel with over 100 rooms. This acquisition reportedly brings Patrizia’s total assets under management to close to €1 billion in the Iberian Peninsula.
Located in the popular district of Cais do Sodré on the main square, Praça Duque da Terceira, the property is in close proximity to Lisbon’s Time Out as well as a number of cafes, bars and restaurants, including Pink Street, a popular nightlife destination, as well as the waterfront at Ribeira das Naus.
Augusto Zunzunegui, Transactions Director Patrizia Iberia: “This acquisition of one of the few landmark Lisbon hotel developments on behalf of our client demonstrates our ability to secure high quality assets in a very competitive market place and is underpinned by our local market expertise. The purchase presents a compelling opportunity to add value through a number of asset management initiatives.
As the Portuguese economy continues to grow, this high quality development positioned close to the waterfront in a vibrant and trendy area of Lisbon, is well poised to take advantage of the strong demand for hotel beds as the City increasingly attracts international companies, investors and tourists.”
Patrizia was advised by Morais Leitao (legal and tax), Gleeds (technical) and Aldaba Partners (commercial). The seller was represented by JLL (commercial) and Pares Advogados (Legal).
Price: Not disclosed
THPT Comment: Great move for Patrizia and Lisbon with this new development at Tagus Square….look forward to hearing who the operator might be.
First Seen: Patrizia website
The Hotel Property Team (THPT) is a small group of highly experienced business professionals. Between us, we provide a range of skills and experience which is directly relevant to those involved in the hotel property market.