Investment in offices reaches “record” value of € 118M in Porto

In the city of Porto, investment in offices reached a "record” value at the end of 2019, of 118 million euros. The most recent CBRE data, also show that it represents 11% of total investment in the sector in Portugal.

To achieve this value, the transactions of Burgo and Urbo buildings highly contributed, since they represent about 76% of it. The Burgo office building was purchased by Värde Partners from Dos Puntos AM in the middle of last year, representing an investment of 42.5 million euros. The Urbo building was traded at the end of the year for 49.4 million and is included today in the portfolio of the insurance company Fidelidade.

The expectation remains positive for the year 2020, despite the setbacks generated by the current Covid-19 pandemic. CBRE points out in the report "MarketView Offices Porto 2019” that "taking into account the assets that are currently under negotiation, it is expected that in 2020 investment in office buildings located in Porto will exceed the amount recorded in 2019”.

The consultant also predicts that prime yields are expected to remain stable throughout the current year.