Akeler Raises €42.25M with Lisbon Sale

LONDON-Lend Lease Global Properties’ new business park arm Akeler has raised €42.25 million ($41 million) from the sale of the latest phase of its successful Quinta da Fonte business park in Lisbon, Portugal. MEAG Munich Ergo Real Estate Investment, the German asset management company, has purchased two new office buildings totalling 139,243 sf on the park.

Development of Quinta da Fonte began in 1992 and it is now home to more than 45 international companies. In May 2001, Akeler sold 13 properties at Quinta da Fonte occupied by blue-chip companies including Ericsson, Microsoft, Cisco, Nokia, GE Capital and SAP office. Other tenants at the park include Hewlett Packard, Merck Sharp and Dohme, Bristol-Myers Squibb, Opel, Procter & Gamble, Disney, Novo Nordisk, Master Foods, and Holmes Place.

Trevor Silver, Chief Executive of Akeler, commented: “With Quinta da Fonte nearly complete, this sale illustrates yet again the high quality of development from Akeler in Portugal. It serves as a further boost to our strategy of developing premium office and business park space at key urban centres across Europe.