US real estate developer EastBanc in Portugal
The property was acquired by a local Collective Investment Scheme (SIC) in an off-market deal. While the price hasn’t been publicly disclosed, it’s rumoured to be around €27m.
Situated in Lisbon’s central business district, Alegria One boasts a prestigious location on the corner of Avenida da Liberdade and Praça da Alegria. Encompassing seven floors with a total area of 2,800 m2, the 19th-century building is an architectural landmark.
Currently, Alegria One is fully occupied by prestigious tenants, including Dior (their first store in Portugal), Dentsply Sirona, Faber Ventures, and Portugal Homes (part of the Harland & Poston Group).
Tiago Eiró, CEO of EastBanc Portugal, said: “Alegria One is the most recent testimony of our commitment to excellence and innovation in urban rehabilitation, having generated a lot of interest from national and international investors. We are pleased to have reached this milestone and will continue to develop and look for new opportunities to increase and diversify our project portfolio, as well as create spaces that inspire and benefit cities and their local communities.”
Alegria One was recognized in 2022 at the Lisbon Real Estate Show as the best urban rehabilitation project in the retail and services category. In 2023, it received the Rehabilitation and Reconstruction Award in the Offices category at the Real Estate Awards.
Savills Portugal facilitated the sale, which is expected to close in 2024.
The Príncipe Real Fund will continue to focus on rehabilitating buildings for various uses, primarily in Lisbon’s Príncipe Real neighborhood.
EastBanc’s portfolio in Portugal consists of 20 properties in Lisbon, worth around €130m.
