Insurance group Ageas Portugal is close to clocking up €500 million in property assets after adding Lisbon’s Expo Tower building to its portfolio.
The Expo Tower, designed by architect Mário Sua Kay, is one of the iconic buildings at the Parque das Nações (formerly the Expo’98 site). It was bought from the fund manager Ancoragem Capital Group.
The tower has a total of 6,000m2 and 105 parking places.
The acquisition means that Ageas Portugal has added another prestige property with offices to its portfolio of recent acquisitions announced in December 2019 in what is now a €100 million investment.
In addition to the building, Ageas also has three buildings acquired in Lisbon in December 2019, located in Rua Castilho, Entrecampos, and Benfica as well as new headquarters in Lisbon and Porto, which are under development and which will bring the total value of the insurer’s real estate portfolio to €500 million in 2021.
According to Gilles Emond, Head of Real Estate at Grupo Ageas Portugal: “We are very pleased to have acquired this property in such a privileged location and in such unique circumstances.
“We will continue to progressively build our real estate portfolio with a view of becoming a reference as responsible investors in Portugal.”
The Belgian multinational insurance company co-headquartered in Brussels is Belgium’s largest insurer and operates in 14 countries worldwide including Portugal.
In 2020, the company had 45,000 employees.
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