Pan-European private equity real estate firm Henderson Park has acquired a business park, the 1.5 million sq ft Lagoas Park in Lisbon, Portugal for €421 million.
Lagoas Park is the most prominent business park in Portugal, comprising over 1 million sq ft of Class A office space across 13 standalone buildings. It is centrally located in the heart of Portugal’s technology corridor Oeiras, with convenient access to Lisbon’s city centre, and has over 5,000 on-site, underground parking spaces. The park is situated just off the A5 highway, the country’s busiest commuter route linking the high-end residential area of Cascais and the city centre, and is 20 minutes’ drive from Lisbon’s international airport. Lagoas Park also benefits from excellent connectivity via Lisbon’s bus and Metro networks and two above ground rail lines.
Lagoas Park is firmly established as the destination of choice for the regional headquarters of leading international businesses, with 17 Global Fortune 500 companies operating at the asset, a number of which have expanded their presence since first arriving. The offices’ strong income profile is further demonstrated by the rental performance through the current crisis and interest from tenants in taking up new space. Occupiers include Google, along with Samsung, BMW, SAP, Johnson&Johnson, Sanofi, Oracle, Cisco, Volvo, Nike and BP.
The transaction offers an attractive current yield and long-term rental growth potential on the back of robust demand for space among current and prospective occupiers, says the company.
“Lagoas Park is undoubtedly one of the leading business parks in Portugal, standing out because of its incredible scale, quality and impressive tenant roster of high-profile companies. Lisbon has a growing position as a European business centre, attracting marquee international companies, across growth industries like technology and healthcare, and offering a high quality of life for employees. Lagoas Park’s performance through the recent crisis is a testament to the fundamental appeal of both the location and the high-specification of the asset itself. We have a strong conviction that the right assets will continue to outperform and are confident in the future prospects of Lagoas Park and its ability to deliver attractive income growth and total return for our investors,” says Nick Weber, Founding Partner of Henderson Park.