To the 112 million euros paid by Merlin Properties for the acquisition of the head office of Novo Banco the Spanish company will invest around 40 million euros to modernize the building located on Avenida da Liberdade, in the heart of Lisbon.
In statements to the idealista site, the CEO of Merlin indicates that the plans for the building include a modernization to transform it into a “premium” office asset.
“The idea is to subject the property to a very thorough renovation and to make a beautiful office building in terms of its excellent location, where, moreover, there is no quality offer. The little that is available (in this district of the Portuguese capital) are very old-fashioned offices”, says Ismael Clemente.
The manager stresses that the building “will have nothing of habitation or hotel”. It will be, he reinforces, “a purely office building, with commerce on the ground floor”.
Regarding the deadlines for the renovation works, Ismael Clemente says that “these forecasts are impossible to make regarding the processing of licenses with the Lisbon City Council”.
The value of the investment, he says, should amount to “around 40 million euros”, although he indicates that “a correct estimate of the costs can only be made when we have completed the project, which is not yet”.