Banco de Portugal has agreed to purchase a new headquarters from Fidelidade for nearly €192 million, to be paid in five installments. However, the deal hinges on more than a dozen conditions, including construction milestones, municipal approvals, and project-specific changes.
The contract outlines staged payments tied to key events, starting with a €57.6 million deposit. Additional payments are conditional on Lisbon City Council approving changes to commercial space use, completion of the superstructure, and final construction of two buildings (A2 and A3). The final payment will follow the public deed of sale.
The agreement includes flexibility for project modifications and financial adjustments depending on the final gross construction area. If it varies more than 5%, the price will not increase; if it's significantly smaller, the central bank can cancel the deal and be reimbursed.
The headquarters—planned for the former Feira Popular site in Lisbon—will feature parking for 168 vehicles, a restaurant, a public library, and facilities for employees. Despite being structured as a market-based transaction, the deal is under political scrutiny, as final costs could rise by at least €40 million. Parliament may summon Governor Mário Centeno to explain.
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