Sogenial Immobilier acquires Boavista 257 building in Porto from Fidelidade
The Boavista 257 building, a mixed-use property located on Avenida da Boavista in Porto, has been acquired by the French real estate investment firm Sogenial Immobilier on behalf of its SCPI COEUR D’EUROPE fund. The seller was the insurance company Fidelidade, which will remain in the building as a long-term tenant, having established its northern Portugal headquarters in the recently renovated space. The transaction was advised by CBRE, Serris REIM, pbbr Sociedade de Advogados, and NewCycle.
The property totals 6,718 square meters, with approximately 1,000 square meters dedicated to retail and the remainder to office space. As part of the sale-and-leaseback agreement, Fidelidade has signed a long-term lease, ensuring stable occupancy for the new owner. The insurer’s presence includes its corporate offices, a retail agency, and a social club for employees. The building is currently undergoing certification for ESG standards, including LEED Commercial Interiors, WELL, and Wiredscore, reflecting a commitment to modern, sustainable building operations.
This deal marks Sogenial Immobilier’s growing presence in the Portuguese market, following its acquisition of the Vida Ovar shopping center less than two months ago. The investment highlights increasing foreign interest in Porto's commercial real estate market, which is characterized by rising demand and limited supply of high-quality office space. Miguel Ribeiro, from CBRE's Investment Properties team, noted that the city is increasingly on the radar of international investors due to its strong fundamentals and the quality of its assets.
Francisco Seabra Ferreira, Country Head of Serris REIM, which provided local advisory services, stated that the Boavista 257 is a “landmark building” that benefits from a “long-term contract with a first-line tenant, ensuring stability and value creation.” With this acquisition, Serris REIM's portfolio under management in Portugal now exceeds 100,000 square meters. Marvin de Profetis, Investment Manager at Sogenial Immobilier, added that the asset aligns with the fund's objectives of achieving “sustainable performance in a dynamic CBD with an excellent occupant.”
The legal advisory for the buyer was provided by a multidisciplinary team from pbbr Sociedade de Advogados, led by partner Pedro Pinto. Technical due diligence was handled by NewCycle. The Porto office market continues to show strong performance, with a growing number of international companies choosing the city for their operations, which in turn drives demand for modern and well-located office buildings like the Boavista 257. Stay informed on Lisbon property market developments at realestate-lisbon.com.
