French Fund Sogenial Immobilier Acquires Boavista 257 Building in Porto
The French investment management company Sogenial Immobilier, acting on behalf of its real estate fund SCPI Cœur d’Europ, has completed the acquisition of the Edifício Boavista 257 in Porto. The seller of the office and retail asset was the insurer Fidelidade, with the global real estate services firm CBRE mediating the transaction. The property is located adjacent to the Brasília shopping center, Porto's oldest such establishment.
The asset encompasses a total area of 6,718 square meters. This space is divided between approximately 1,000 square meters of retail area and a larger portion designated for office use. According to a statement from CBRE, the building has been fully rehabilitated and will be partially occupied by its former owner, Fidelidade, which has chosen the location for its offices in the northern region of the country.
Fidelidade will maintain a significant presence in the building under a long-term lease agreement. This includes not only its corporate offices but also a retail insurance agency and a social club for its employees. This arrangement provides the new owner with a secure, long-duration tenancy from a prime occupant.
Marvin de Profetis, an investment manager at Sogenial Immobilier, expressed satisfaction with the purchase. "Sogenial Immobilier is proud of this acquisition, carried out together with Serris REIM Portugal, which strengthens SCPI Cœur d’Europe with an asset aligned with our objectives: sustainable performance, in a dynamic CBD and an excellent occupant," he stated. The acquisition was a collaborative effort with Serris REIM Portugal, a key partner for Sogenial in the region.
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Francisco Seabra Ferreira, the country head for Serris REIM, also commented on the transaction's significance. "Boavista 257 is a landmark building, fully rehabilitated by Fidelidade, and benefits from a long-term contract with a prime tenant, ensuring stability and long-term value creation," Ferreira said. He added, "With this acquisition, the portfolio under management in Portugal ultrapassa os 100.000 mil metros quadrados, consolidating our position in the national market with an emblematic asset in the city of Porto."
Sogenial Immobilier specializes in asset and investment management across a variety of real estate sectors, including retail, offices, logistics, and healthcare. The acquisition of Boavista 257 follows the SCPI Cœur d’Europe fund's initial entry into the Portuguese market in 2023 with the purchase of the Évora Retail Park. More recently, the fund acquired the Vida Ovar shopping center in a deal valued at over €20 million, signaling a continued strategy of investment in the Portuguese real estate market.
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