Siemens has completed the sale and leaseback of its Alfragide, Amadora, headquarters for €70 million to Square Asset Management, a real estate fund managed by Pedro Coelho, Bloomberg reports.
The deal, though finalized late last year, just became public. Sources say many were interested, but Square closed the deal.
So, what's involved?
The property is a big corporate site in Alfragide which includes:
- Five main buildings
- Two minor buildings (canteen and health unit)
- 65,000 square meters in total
- Around 2,800 on-site employees
The location handles energy, transport, mobility, and IT operations.
Why sell and lease back?
Siemens sold the building but will keep using it under a lease arrangement. This means they get capital while keeping their office. Big companies often do this to improve their finances without interrupting business.
Siemens in Portugal
Besides Alfragide, Siemens has:
- Offices in Porto
- A factory in Corroios making electric vehicle chargers
This deal shows Portugal is attractive to real estate investors and allows Siemens to improve its asset plan, gaining €70M without needing to move.
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