The Portuguese headquarters of advertising agency WPP has been bought by Tishman Speyer鈥檚 European open-ended core real estate fund.
The Tishman Speyer European Core Fund (TSEC) has invested an undisclosed amount to buy the office asset in Lisbon and has agreed a 鈧�28m 鈥渟even-year community-impact linked鈥� real estate financing with Cr茅dit Agricole CIB.
The acquisition is Tishman Speyer鈥檚 first acquisition in Portugal. The Tishman Speyer European Core Fund, which has some 鈧�2.7bn in assets currently under management, owns and manages properties in London, Paris, Frankfurt, Berlin, Hamburg, and Lisbon.
The latest acquisition was a former automobile showroom that was completely stripped in 2008 to become a hotel but was later reinvented by WPP with a bespoke design concept promoting flexibility and openness.
Philippe Joland, a senior managing director and Martin Simonneau, managing director at Tishman Speyer, said, as the tallest building within the neighbourhood, this building鈥檚 views give the impression of literally floating above Lisbon 鈥� its roof terrace was actually designed as an important common space with sensational views of the surrounding area, a critical feature for next-generation offices.
鈥淲e are very grateful to Cr茅dit Agricole CIB for their continued support and are glad to reinforce the strong and sustainable relationship we have built over the years.鈥�
Guillermo Bergareche, managing director at Cr茅dit Agricole CIB, said: 鈥淲e are also proud to have supported this highly regarded global real estate investor for its first investment in Portugal.
鈥淭his is a new cornerstone in the development of Cr茅dit Agricole CIB leading real estate franchise in Iberia.鈥�
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