PATRIZIA AG has acquired a landmark hotel development, Tagus Square, in Lisbon, Portugal from a private individual on behalf of a German pension fund. This transaction increases PATRIZIA’s assets under management (AUM) in the Iberian Peninsula to close to EUR 1bn.
“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,” said Augusto Zunzunegui, Transactions Director PATRIZIA Iberia.
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.
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).