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INTRODUCTION CUSHMAN & WAKEFIELD: 30 YEARS OF HISTORY THE FOUNDING DECADE SHOPPING CENTRES OFFICE PARKS EXPO'98 THE DECADE OF GROWTH FACTORY OUTLETS PARQUE DAS NAÇÕES THE DECADE OF TRANSFORMATION HIGH STREET RETAIL URBAN REGENERATION INSTITUTIONAL REAL ESTATE INVESTMENT PORTO HISTORIC INITIATIVES CELEBRATION 30 YEARS
It is with immense pride that I congratulate my friends and colleagues in Lisbon on reaching this significant milestone – the thirtieth anniversary of opening our Portuguese operations. The commercial real estate markets in Europe and in country have changed immeasurably during this period. As one of the first international real estate advisors in Lisbon, our clients have relied on Eric van Leuven and the team to be at the forefront of this fast-changing market, always delivering the highest quality advice and bringing the best global perspective. Portugal’s commercial owners and tenants read like a global who’s who of the biggest and bestcompanies. Invariably it has been the Cushman & Wakefield team that has advised these clients with the highest level of care and the creative thought and as our business has expanded, so to has the economy. We are very proud of the role that our team has played. So it is with great pride and honour that I wish all the Cushman & Wakefield family in Lisbon a happy thirtieth birthday!
JOHN
FORRESTER
Global President, Cushman & Wakefield
On 1 July 1991, the then Healey & Baker, an international real estate consultancy of British origin, began operations in Portugal, having acquired the commercial real estate department of George Knight Real Estate Agency, which George and I had established in 1987. At the time, the real estate market in Portugal was small, not particularly professional and eminently local. There were few operators and information on the market was scarce. However, having joined the European Economic Community some years earlier, the country had aroused the interest of international companies, retailers and investors. We witnessed the birth of a professional and transparent real estate market, and it has been enormously gratifying to be a part of this process. A few years later, Healey & Baker merged with its American counterpart Cushman & Wakefield, creating a truly global company, which today, following the most recent merger with DTZ, has over 50,000 staff in more than 400 offices in 60 countries. Cushman & Wakefield itself went through many transformations over the past 3 decades: initially a partnership structure, owned and managed by its partners, it was then owned by a group of private equity investors, and more recently was quoted on the New York Stock Exchange. These mutations brought alterations to its governance along with highly professionalised management, whilst maintaining its collaborative culture and constant focus on the client. This book tells the story of the last 30 years of Cushman & Wakefield, and also of the real estate market in Portugal - while shedding light on the future through the testimonies of our leadership. We hope you find it an interesting read. Personally, and on behalf of the company, I am grateful for the warm way the country has welcomed both me and Cushman & Wakefield. I am grateful to the firm’s top management that, throughout these years, has always shown its special care for the Portuguese office. At a local level, I have been fortunate to work with an extraordinary team of the very best specialists in the market, evidenced by repeatedly being voted Best Real Estate Services firm in the country (Euromoney Awards). Last but certainly not least, we owe an enormous debt of gratitude to our clients, who have entrusted us with their real estate needs, recognising that the involvement of the Cushman & Wakefield team truly adds value to their assets. The next 30 years will, without doubt, be as interesting and challenging as the previous 3 decades and we look forward to continue to help shape the real estate industry!
ERIC
VAN LEUVEN
Head of Portugal, Cushman & Wakefield
INTRODUÇÃO CUSHMAN & WAKEFIELD: 30 ANOS DE HISTÓRIA DÉCADA DA FUNDAÇÃO CENTROS COMERCIAIS PARQUES DE ESCRITÓRIOS EXPO'98 DÉCADA DO CRESCIMENTO FACTORY OUTLETS PARQUE DAS NAÇÕES DÉCADA DA TRANSFORMAÇÃO COMÉRCIO DE RUA REABILITAÇÃO URBANA INVESTIMENTO IMOBILIÁRIO PORTO INICIATIVAS COM HISTÓRIA
Our story began in 1991, but it gains further meaning if we go back some more years. In early 1987, Eric van Leuven became the Lisbon representative of English estate agents George Knight, working from one small room in an shared office centre in Avenida 5 de Outubro. While George Knight was dedicated to the sale of residential properties, it accepts the challenge of Tetra Pak to sell its industrial facilities in Carnaxide (later withdrawn from the market). The international press campaign for the sale of this property drew the attention of Healey & Baker, a centenary commercial real estate firm of British origin, who contacts George Knight and invites it to become its associate office. The events which occurred over the course of our 30-year history are portrayed in the following timeline (and throughout this publication). Choosing the most relevant ones is never an easy task and always subjective. However, just as important as the milestones we highlight in our history, are all the people who have contributed, and who continue to contribute, so that the story can be told: clients, staff and business partners.
30 YEARS OF HISTORY
CUSHMAN & WAKEFIELD 30 YEARS OF HISTORY
On 1 July, Healey & Baker acquires the commercial real estate arm of George Knight and Eric van Leuven becomes managing partner of the company in Portugal, leading a small team of 6 staff. In that same month, the newly-established business achieves its first major investment transaction: the sale of Avenida da República 26 to BCP, for 2.8 million contos (€14 million).
1991
Invited to advise Montepio Geral and architect Siza Vieira on the redevelopment of the Grandella Building in Chiado. Starts marketing the Torres de Lisboa office scheme.
1992
1993
Instructed by MBO (ING Real Estate) to advise on the partnership with Sonae Imobiliária (today Sonae Sierra) for the conversion of the former headquarters of newspaper Primeiro de Janeiro (Rua de Santa Catarina, Porto) into a shopping centre. This is the start of ViaCatarina, and of a fruitful collaboration with Sonae, which continues to this day.
Invited to advise Parque Expo 98 on the retail component to be developed in this area of the city after the World Fair of 1998.
1994
1995
Acts on behalf of two funds managed by Rockspring in the acquisition of 50% of CascaiShopping, at an equivalent yield slightly below 10%, valuing the shopping centre at 16 million contos (€80 million). To assist the firm’s growth, the offices move to Skandia Building on Avenida da Liberdade.
Introduces Grosvenor (the Duke of Westminster) to Sonae and acts on their behalf in negotiating the acquisition of a participation in Sonae Imobiliária. Sells the industrial facilities of Johnson & Johnson to TVI, in Queluz de Baixo. Represents Virgin Megastore in the lease of the Éden Building, on Praça dos Restauradores. Celebrates its 5th anniversary in Portugal with a client cocktail on board the yacht Albacora. At the time the company has 11 staff.
1996
1997
Instructed to value all real estate assets of Sonae Imobiliária for the purposes of an IPO. The mandate for regular valuations of Sonae Sierra’s shopping centres in the 7 countries in which it operates, is still in effect today.
Healey & Baker and Cushman & Wakefield agree a merger, creating one of the largest real estate services providers in the world. The company changes its name to Cushman & Wakefield. It moves to the recently renovated Café Lisboa Building, on Avenida da Liberdade, where it is still located today.
1998
1999
Acts on behalf of Oracle in the lease of the first building in the Lagoas Park office project. The company starts offering Property Management as a new service line.
2000
Sells the former Firestone factory, in Alcochete, to Freeport and then collaborates with them in the creation of the largest factory outlet centre in Europe (75,000 sq.m), which would open in 2004. Also leases Sintra Retail Park, the first development of this kind in the country.
Acts in the sale of 12 buildings in Quinta da Fonte to TMW and Meag. Sells the facilities of Tetra Pak, in Carnaxide, to Norfin: 14 years later, the transaction at the origin of the company in Portugal, is realised! Celebrates its 10th anniversary with a cocktail party for its clients and its 31 employees in Palácio Belmonte.
2001
2002
Sells the Entrecampos 28 Building (leased to Portugal Telecom) to Norfin. On behalf of Hard Rock Café, acts in the lease acquisition of the Condes Building.
Represents Pfizer in the purchase of its new head office, in Lagoas Park. On behalf of Redevco, acquires a building in Rua Augusta, negotiating the exit of McDonald’s and the entry of H&M to open its first store in Portugal. Cushman & Wakefield is the first real estate advisory firm to offer Project Management services.
2003
2004
Representing Readers’ Digest, sells its former head office building to Fundimo and leases its new premises in Lagoas Park.
A year full of large transactions, notably the sale of the Liberty Building on Av. Fontes Pereira de Melo to Silvip; the sale of Coimbra Retail Park for Sonae/Miller to Scottish Widows; and the sale of the Marconi Park site in Amadora on behalf of Portugal Telecom.
2005
Acts on behalf of Rockspring in the purchase of a building in Parque das Nações, and then leases it to Novabase. Nominated the best company to work for in Portugal, by Great Place to Work.
2007
2006
The valuation team supports the two largest transactions of this year: the purchase of the Imopolis portfolio by JP Morgan, and the sale of the Amorim Imobiliária portfolio to Chamartin. The company celebrates 15 years in Portugal with a cocktail party and dinner for clients and the company’s 45 staff, in the restored stables of the Pestana Palace Hotel.
2008
Leases the first Primark store in Portugal (Dolce Vita Tejo – now UBBO) and the first Virgin Active unit (La Vie, Porto).
Completes the leasing of the entire Torre Oriente (29,000 sq.m), the first building of Torres Colombo, to Fujitsu, Barclays Bank, Capgemini and Ferrostaal.
2009
2010
Sells the former CTT building on Praça de D. Luís, and leases the entire Báltico building, in Parque das Nações, to accommodate the new head office of Correios de Portugal, in the largest office lease of the year.
2012
Instructed to manage nine buildings (31,000 sq.m) in Quinta da Fonte for IVG.
2014
In the year of the recovery of the real estate market, Cushman & Wakefield is involved in more than 40% of the investment volume in commercial real estate in Portugal.
2016
Kicking off a promising year, the first quarter sees some large investment transactions, including the purchase of the 80,000 sq.m Campus da Justiça office development for approximately €230 million, with Cushman & Wakefield representing a Singapore-based fund. The opening of the office in Porto heralds a new era. The company celebrates 25 years in Portugal with some 150 clients and over 80 employees with a client cocktail and dinner in Espelho d’Agua.
2018
Participates in one of the largest-ever property transactions, representing Teixeira Duarte in the sale process of Lagoas Park to Kildare Partners, for €375 million. Assists Fidelidade in the analysis and appraisal of the acquisition, at a public auction, of the Feira Popular site, for €273 million, the largest real estate brokered transaction of the year. In a record year for office take-up in Lisbon (200,000 sq.m), of particular note was the forward sale of the new 17,400 sq.m head office of Ageas, on behalf of the Martinhal group.
2020
The world faces the Covid-19 pandemic with implications in every sector of activity. Despite the slowdown in real estate investment, the company closes important transactions in every sector, including the sale of The Keys, in Quinta do Lago, in one of the largest brokered transactions of the year. The office leasing team acts on three of the four largest occupational deals: the lease of three buildings in Quinta da Fonte (11,000 sq.m); the acquisition by Cofidis of the Natura Towers (10,400 sq.m); and the pre-lease of the Mediterrâneo 1 Building (6,200 sq.m) to Webhelp.
The retail team acts for Primark in the lease of mega-stores in Braga, Sintra and Portimão. In its 20th anniversary in Portugal, the number of staff has grown to 72.
2011
Achieves the first major, post-crisis investment transaction: the sale of the Pramerica Real Estate Investors-owned Espace and Explorer buildings, to Swiss investor AFIAA, for around €30 million.
2013
The merger between DTZ and Cushman & Wakefield is concluded, strengthening its operations around the world. The company achieves its best results in Portugal to date. Its involvement in over 20 investment transactions and a record-breaking 30,000 sq.m of office leases go down in history. The company’s head office moves from the 2nd to the 5th floor of the Café Lisboa Building on Avenida da Liberdade.
2015
Large transactions continue to dominate activity and the sale of the Entreposto Office Building stands out as one of the most important. The sale of Hotel Vintage Lisboa to Mornington Capital signals the reopening of Cushman & Wakefield’s Hospitality department in Portugal.
2017
In a historic year for real estate investment, with total volumes reaching €3.2 billion, the company is involved in some of the most significant investment transactions, in the office, retail and (re)development sectors, transacting 41 buildings, for a total amount of over €765 million. The company’s Asset Services team start the management of two of the most emblematic office buildings in Lisbon: Torre Oriente and Fontes Pereira de Melo 41.
2019
The celebration of 30 years in Portugal. The company’s team is made up of over 90 staff.
2021
Sells the former CTT building on Praça de D. Luís, and leases the entire Báltico Building, in Parque das Nações, to accommodate the new head office of Correios de Portugal, in the largest office lease of the year.
Large transactions continue to dominate activity and the sale of the Entreposto office building stands out as one of the most important. The sale of Hotel Vintage Lisboa to Mornington Capital signals the reopening of Cushman & Wakefield’s Hospitality department in Portugal.
1990
THE FOUNDING DECADE
In the decade in which Cushman & Wakefield was founded in Portugal, the real estate market was very different to that which we know today, although the first signs of change were beginning to appear. An increasing awareness of Portugal overseas, in part due to the joining of the European Economic Community some years earlier, opened the doors to new trends that allowed hitherto little-known or non-existent new concepts and real estate products to enter the country. This was the case with the new generation shopping centres, which became a part of the lives of many Portuguese, thereby transforming their consumption and leisure experiences.
Moreover, companies that wished to set up outside of the city centre were able to find, in office parks, the quality they sought in conveniently located areas, with the necessary infrastructure and amenities.
At the end of the decade, Expo’98 provided Portugal with unprecedented international exposure. This project brought new opportunities to the real estate market, from which it continues to benefit to this day.
SHOPPING CENTRES
CASCAISHOPPING, A PIONEER IN PORTUGUESE SHOPPING CENTRES...
15 May 1991 saw the opening of CascaiShopping, considered the first “international style” shopping centre in the country, developed by Sonae Imobiliária and the Brazilian group Multiplan. It featured 165 shops (today, following several phases of expansion and remodelling, there are 205) and an array of international brands were introduced to the Portuguese market, providing new experiences and forms of buying, more in line with a “modern” way of living. Its opening also marked the beginning of the expansion of the shopping centre industry in Portugal, which for the next two decades was recognised internationally for the quality of its developments. Today, the country has 124 shopping centres (over 3 million sq.m) and the success of this format is far from exhausted, much to the benefit of consumers, retailers and property owners. The Portuguese adopted this concept enthusiastically from the start, gaining access to a vast and varied supply of goods (previously scarce or even non-existent) in a modern and comfortable environment, with the convenience of parking and extended opening hours. Three decades later, shopping centres maintain their popularity, thanks to their dynamism and proactivity in constantly renovating and keeping up to date with the latest trends.
… and Cushman & Wakefield plays a leading role in the first large-scale transaction in this sector
Just like Cushman & Wakefield, CascaiShopping celebrates its 30th anniversary this year and continues to be a market leader in the sector, thanks to its ability to adapt and innovate over the years. Our main contribution to the shopping centre goes back to 1995, when we represented two funds managed by Rockspring in the acquisition of 50% of this asset, which was valued at the time at 16 million contos (80 million euros). It went down in history as the first large overseas institutional investment in a shopping centre in the country. One year later, we presented the UK’s Grosvenor Estate, of the Duke of Westminster, to Sonae Imobiliária, which resulted in the acquisition by Grosvenor of a 25% interest in Sonae Imobiliária, a partnership which accelerated Sonae’s internationalisation and which exists to this day.
Dear Cushman & Wakefield team, On the occasion of 30 years of activity in Portugal, it is a pleasure to associate myself to this much-deserved celebration, acknowledging the solid relationship which our companies have cemented over the past 3 decades. It is no exaggeration to say that the support and effort which Cushman & Wakefield has dedicated throughout the history of Sonae Sierra has made an immeasurable contribution to maintaining the very highest standards of activity in Portugal - but also in every other market in which Sonae is present. This contribution is evidenced in processes as distinct as portfolio valuation, support in key strategic transactions, and the launch of new projects. Without doubt, I can confirm that the high level of professionalism of the Cushman & Wakefield team in Portugal, and the highest ethical standards, have contributed to the entry and subsequent success of Sonae Sierra in several geographical areas. And they guarantee support for the future strategy of the company, in an increasingly demanding and professional real estate market, with global investors who require local know-how. Congratulations and here’s to your further success in the next 30 years!
Fernando Oliveira
CEO SONAE SIERRA
CascaiShopping
Three decades adding value to the industry
CUSHMAN & WAKEFIELD INVOLVEMENT
Carla André
Managing Director, Reviva Capital
Cushman & Wakefield’s contribution to the shopping centre industry in Portugal extends far beyond its involvement with CascaiShopping. From very earlier on, we stood side by side with the most renowned real estate developers in the sector, and added value in the development of their projects all over the country. We provided research and consulting services to underwrite decision-making and introduced attractive and varied new retail concepts through our agency services. And in this one of the most active sectors of the investment market, we have also been responsible for some of the most significant transactions.
My first memories of Cushman & Wakefield go back to a time when its name was “Healey & Baker”, I worked as a credit analyst at a real estate credit bank that no longer exists and which was called Eurohypo. As it was a German bank, being able to rely on real estate valuations produced by a firm with deep market knowledge and good technical ability, was fundamental to underwrite loan finance decisions in an unfamiliar market….Cushman & Wakefield has always stood up to the challenge. Throughout my professional life in real estate finance, there have been many situations in which working with Cushman & Wakefield has positively impacted the success of my projects, ranging from being able to rely on accurate valuations, to a property and asset management team focussed on and committed to turning problematic assets into success stories. The Cushman & Wakefield teams are made up of highly qualified people who know that their own success depends on that of their clients. This notion of service has contributed greatly to the consolidation of a professional real estate market in our country and has been Cushman & Wakefield’s great contribution over the past 30 years. Thank you, Cushman & Wakefield! Congratulations Cushman & Wakefield!
Retail development advise to MBO (ING Real Estate) in the context of the negotiation of a partnership with Sonae Imobiliária (today Sonae Sierra) to convert the former headquarters of newspaper Primeiro de Janeiro into the ViaCatarina shopping centre (Porto).
Leasing agents for MadeiraShopping (Funchal) and AlgarveShopping (Albufeira).
Leasing agents for Douro Center (currently Nosso Shopping), in Vila Real.
Represents AF Investimentos in the acquisition of W Shopping, in Santarém.
Acts for Madford/Imorendimento in the acquisition of Carrefour Aveiro (Aveiro Shopping Centre) and Sonae Sierra in the sale of 50% of RioSul Shopping (Seixal) and Serra Shopping (Covilhã) to Rockspring. Leasing agents for Serra Shopping and LoureShopping (Loures). Advises Mundicenter in the repositioning of Olivais Shopping (currently Spacio Shopping), in Lisbon.
Sale of 50% of LoureShopping to Deka. Sale of Lima Retail Park on behalf of Sonae Sierra /Miller Developments.
Advises Baupost (partnering with Eurofund Investments) in the purchase of Dolce Vita Tejo (currently UBBO) from Chamartín Imobiliária / ING Real Estate. Assists Alaska Permanent Fund Corporation in the underwriting for the acquisition of 50% of Alegro Setúbal from Immochan.
Sale of Estação Viana Shopping (Viana do Castelo) and AlgarveShopping to CBRE GI Partners.
Acts for Square Asset Management in the acquisition of CoimbraShopping.
Sale of Nova Arcada (Braga) for Caixa Geral de Depósitos.
Acts for the administrator (and main creditor Caixa Geral de Depósitos) in the sale of Picoas Plaza to BPI Gestão de Ativos.
Leasing agents for RioSul Shopping.
When I joined Cushman & Wakefield, we were already market leaders in the area of real estate valuation. Retail appraisals were the core business of the team, with quarterly valuations of 45 shopping centres. Accuracy and professionalism were our hallmarks, and we were pioneers in the adoption of Argus software. We developed valuation models adjusted to the specifications of each real estate use, having maintained our leadership position, and the appreciation of our clients, as evidenced by the election as Best Valuation Services firm for the last three years in the Euromoney Awards. The profession is currently going through great change, as a result of both technological innovation and a paradigm shift of the value of real estate. Technological development has brought more efficiency, agility and reduced human error, allowing for a refinement in results through the use of Automatic Valuation Models and software that use algorithms to estimate the market value of a property asset. However, this hardly replaces the analytical ability of an appraiser with an overall vision of the market and, above all, experience! As such, appraisers are no longer mere service providers and have progressively been adding greater value and become true advisors. Our team made this transition a long time ago, and it is not by coincidence that our department includes the areas of Valuation & Advisory! With construction being responsible for a considerable part of carbon footprint, the decarbonisation of the industry is fundamental. Sustainability issues are high on the world’s agenda and investors and large occupiers are increasingly aware of this, which can substantially impact their operational and financial performance. All of this influences both the value of properties and their appraisals. While certifications already exist that reflect the environmental performance of buildings, in the case of appraisals it is not yet clear which specific methodology should be followed, nor which items should be considered. However, our greatest value-add far exceeds the preparation of traditional appraisal reports. We advise and support our clients with holistic, diversified services and, as such, the true challenge is not to offer the lowest cost, but to be able to respond with agility to each client’s needs. Following years of stagnation due to the predominance of old rental contracts, rents in downtime Lisbon rose sharply from 2015. Since 2018 the amounts on offer have exceeded those on Avenida da Liberdade and are approaching those of Chiado.
Ricardo Reis
Head of Valuation & Advisory, Cushman & Wakefield
A HISTORY IN NUMBERS
SHOPPING CENTRES IN PORTUGAL
PRIME RENT
GREATER LISBON
GREATER PORTO
98%
90%
Growth 1996-2021
€/SQ.M/MONTH
OFFICE PARKS
Dear friends at Cushman & Wakefield, It has been over 26 years since we first met, 26 very interesting years, we have gone through both moments of crisis and great moments, however we managed to come out of all of them successfully, and always stronger for it, all thanks to our joint effort, trust and exceptional work. My professional life over the past 26 years in Portugal has been directly connected to yours, I have seen how your professionalism has grown, how you have gained, each and every day, the respect and recognition of the market and how you have become a great service provider. I have also seen how we have both developed from youngsters to adults, how we have grown both professionally and personally, how new generations have been incorporated, passing on your culture of work, professionalism, effort and loyalty. This is why the success of Revilla Sociedade Imobiliaria Lda. in the Portuguese market owes so much to your work, thank you. Kindest regards. P.S. In 26 years I hope to be able to write another letter like this.
Rafael Lopez Dieguez
Presidente Revilla Internacional
Anglo-Saxon concept pioneers offices with services
When the first office parks emerged in Portugal in the mid-1990’s, the concept was already well established in other parts of the world. The USA were pioneers in the development of this format in the beginning of the 1950’s, and continue to this day, together with the United Kingdom, to have the most and the best office parks in the world. Inspired by the Anglo-Saxon model of university campuses, business parks owe their success to the combination of a set of characteristics which are highly valued by companies when setting up their offices: accessible locations near the main road networks, and a wide range of facilities and services, including ample car parking, green zones and leisure facilities. Another of the big attractions are the more affordable rents available outside of the large urban centres. In Portugal, in particular in the area of Greater Lisbon, the formula for success followed the same trend. The main business parks were built along the A5 motorway, in the so-called “western corridor”, and some stand out for the quality of their urban planning, the green environment, and the well-being and a sense of community they offer their residents. The amenities and services of a high standard, together with a variety of tenant retention initiatives, keep these places dynamic, lively and attractive to occupiers and investors.
ABSORPTION VS VACANCY RATE
GREATER LISBON OFFICES
ABSORPTION (sq.m)
VACANCY RATE (%)
The first office parks were, to a certain extent, precursors of the strong current trend towards sustainability. Built largely on greenfield sites, and with centralised management, the main arguments were the quality of the construction, the efficiency of the space, the surrounding environment and the great advantage of avoiding the chaos of the access to the centre of Lisbon at rush hour for a large proportion of its employees, who already resided predominantly on the outskirts of the city. Downsides were a reduced supply of services and insufficient access by public transport. Quinta da Fonte, the first park of an international standard, proved a success that at one point its rent was equal to that of the most valuable address in Lisbon, Avenida da Liberdade! Currently, the office parks continue to respond to the most recent trends, investing in environments that foster a community spirit and the right blend of convenience retail, leisure, education, health and hospitality. In all likelihood, residential accommodation will become part of these parks, recreating that which the cities have historically offered as part of their value proposition. All of this comes with the strong focus on “green” and being in touch with nature, whilst investing in environmentally and socially sustainable construction. And it is the future of this sector, whether in CBD or decentralized locations in large cities: a generation of offices that serve companies, and also serving and adapting to communities, respecting the best environmentally and socially responsible practices, while maintaining high levels of corporate efficiency.
Carlos Oliveira
Head of Office Agency, Cushman & Wakefield
Quinta da Fonte, Lisbon
From the very beginning to this day, Cushman & Wakefield has been involved in the biggest deals
Inaugurated in 1995, Quinta da Fonte continues to be one of the leading office parks in Greater Lisbon and its development over the years responded to the real needs of companies and individuals, contributing to an better work-life balance. The involvement of Cushman & Wakefield in this project started with conceptual advice through to the leasing of the offices over the years. In addition, over 30 year-period we have sold the total or part of the 21 buildings four times! Having been leasing agents from the beginning, the lease of 3 entire buildings we structured in 2020 with a well-known tech company stands out for its size.
CUSHMAN & WAKEFIELD involvement
QUINTA DA FONTE
Provides conceptual advice to the developer of the project, Swedish property company Aranas, and leases or sells the first buildings in this park, to Microsoft, Electrolux, Merck Sharpe & Dohme, Procter & Gamble, Ericsson and Holmes Place.
Represents Akeler in the sale of 13 office buildings with a total of 41,000 sq.m, the largest investment deal in the Lisbon office market that year (€130 million).
Acts for asset managers Pramerica Real Estate Investors, in the sale of three buildings to the Banif Imopredial fund.
Represents Oak Tree in the acquisition of nine buildings from Pramerica Real Estate Investors.
Acts for Signal in the purchase of the same nine buildings.
On behalf of Signal and their asset manager Acacia Point, leases three entire buildings to a company in the technology sector.
Active involvement in lease acquisitions and in one of the largest investment transactions in the sector
The development of Lagoas Park began at the end of the 1990s and it continues to be a very successful and market leading development. Combining services and amenities not commonly found in Portuguese office parks, within a green environment, it offers quality of life and convenience to its business community. Cushman & Wakefield’s involvement has been constant ever since the launch of the business park and in 2018, the company was involved in the sale process of Lagoas Park, the largest investment transaction of that year.
CUSHMAN & WAKEFIELD inVOLVEMENT
LAGOAS PARK
On behalf of Oracle agrees the pre-lease of the first office building in Lagoas Park.
Represents BP in the leasing a new headquarters building in the office park.
Acts on behalf of Pfizer in the purchase of its new head office.
Leases a new head office for Readers’ Digest.
Represents Teixeira Duarte in the sale process of Lagoas Park, culminating in the sale to Kildare Partners for €375 million.
Lagoas Park, Lisbon
EXPO'98
Strategic project triggers major urban regeneration of Eastern Lisbon
Dedicated to the theme “The oceans: a heritage for the future”, the 1998 World Fair was considered the most international of world expositions and at the time acclaimed as the best of all time by the International Bureaux of Expositions. However, even prior to this (there were a record 11 million visitors, with clear benefits for tourism and the economy) the country gained acclaim by laying the foundations for an unprecedented urban and environmental regeneration of the waterfront to the northeast of Lisbon’s city centre.
An area with around 340 hectares and a five kilometres river front was recovered from decades of disuse and degradation to hold the fair and, afterwards, to create a new centrality in the Portuguese capital. This was the greatest legacy of Expo’98: a major and entirely new part of the city devolved to its citizens to live and work, featuring a mix of commercial, cultural and leisure infrastructure and facilities in a privileged and accessible location. Having been planned with the future in mind, Expo’98 served as a pretext for large-scale infrastructure projects, such as the new “red line” of the Lisbon Metropolitan underground, the Oriente Station public transport hub and the Vasco da Gama Bridge, in addition to emblematic public buildings which defined the venue of the fair and continue to be testament to the dynamism which this area represents to this day.
Cushman & Wakefield involved in this project from the very beginning
Cushman & Wakefield had the privilege of being involved in the genesis of this project. In 1994, when Lisbon was confirmed to host the world fair, we were selected by government agency Parque Expo 98 as the exclusive consultants for the retail supply to be developed in this area following the event. Over a 3-year period, a multidisciplinary and multinational team from Cushman & Wakefield undertook extensive market research and catchment area analyses, prepared an international Request for Proposals, and then selected and negotiated the winning bid for what would become the award-winning Centro Vasco da Gama shopping centre, which opened on 21 April 1999.
Pedro Seabra
Senior Partner, Explorer Investments
The history of Cushman & Wakefield in Portugal runs in parallel with my own history in real estate, and it is therefore a great pleasure to write these lines. My history in real estate begins when I perform a survey of the office market, in 1987 or 1988, and meet a young (like me), friendly Dutchman who worked at a small company which essentially did residential, but that was also doing commercial real estate, and who gave me some tips. I believe the next time we met he was already the head of Healey & Baker (today Cushman & Wakefield), and I had already opened Richard Ellis (today CBRE). As I’m not one for false modesty, and with all due respect to the other companies in the market, I truly believe that these two companies dominated the real estate market in Portugal, brought professionalism and globalisation, were responsible for many millions of foreign investment into Portugal, and as competitors, respected each other greatly. Over the years, other companies established themselves in the market, but this was how it began. Congratulations on your 30th anniversary.
MEMORIES OF THE DECADE
Reconstruction of the buildings in the Chiado area, destroyed by a fire on 25 August 1988, begins in Lisbon. Cushman & Wakefield is invited to advise Montepio Geral and the architect Siza Vieira in the redevelopment of the emblematic Grandella Building. The reconstruction of the area culminates in the opening of the new Armazéns do Chiado, on 25 October 1999.
This is the year of the launch of private television in Portugal. The first channel to begin regular broadcasts was SIC (6 October), followed by TVI on 20 February the following year. For the launch of this second Portuguese private channel, Cushman & Wakefield played a significant role through the sale of the industrial facilities of Johnson & Johnson in Queluz de Baixo to TVI.
The Centro Colombo shopping centre opens on 15 September. With a gross leasable area of 122,000 sq.m, and around 338 stores, it is the largest shopping centre on the Iberian Peninsula.
THE DECADE OF GROWTH
In the decade in which shopping centres had won over the Portuguese, and could be found all over the country, other retail formats began to emerge, offering new concepts and opportunities. Such is the case with Factory Outlets, which broadened the array of retail supply, with designer labels at more affordable prices.
On the east side of Lisbon, alongside the river, a modern city was emerging, which had quickly caught the attention of real estate developers, companies and many Lisbon residents who chose this area to live, work or simply.
FACTORY OUTLETS
A novelty which captivated the Portuguese
Factory outlets – retail concepts with a variety of stores offering high-end brands at affordable prices – were already firmly established in other parts of the world, notably in the US and Northern Europe, when this format appeared in Portugal in the first decade of the 21st century. The new concept rapidly gained a following amongst Portuguese consumers, with Freeport Lisboa Fashion Outlet, which opened in Alcochete in September 2004, quickly becoming a commercial destination of choice for Portuguese visitors, whilst also attracting the many tourists who land at Lisbon airport.
It is not just the discounts on over 150 national and international brands, however, that attract so many; Freeport Lisboa Fashion Outlet also stands out for its architecture, the welcoming, well-kept surroundings, the restaurants and strong customer service, all designed to provide the optimum experience, and positioning the centre as one of the leading fashion shopping destinations in Portugal.
Sérgio Nunes
Head of Industrial, Logistics & Land, Cushman & wakefield
Never has the logistics market been so popular as in the past year, with well-leased warehouses now considered one of the most desirable asset classes, putting downward pressure on prime yields. We will continue, to witness the growth of urban logistics, as a result of increasing demand for spaces near to cities to meet the needs and demands of the end consumers. There will be challenges to overcome, including the costs of converting the spaces and issues regarding delivery models within cities. E-commerce has a significant impact on the decision making of logistics operators, given that its growth has forced occupants to improve their distribution network and create new online sales platforms. The lack of quality logistics supply in the main locations will mean there is ever greater interest in the best locations on the part of developers, who will be prepared to build speculatively. Rents will continue to increase, as a result of the imbalance between demand and supply.
Cushman & Wakefield’s connection with the project begins with the sale of the land
Cushman & Wakefield played a decisive role in the development of Freeport Lisboa Fashion Outlet, starting with the sale of the land (an erstwhile tyre manufacturing plant belonging to Firestone) and where eventually Europe’s largest outlet centre would emerge, and subsequently continuing with development advise and leasing of the project. 10 Years later we would reconnect with the outlet when we acted in its acquisition by VIA Outlets, the current owner and operator.
Freeport Lisboa Fashion Outlet
PARQUE DAS NAÇÕES
A symbol of modern Lisbon
Just like the great international fair from which it originated, the area which is today known as Parque das Nações, is a success story of its own. The business model for the development and the management of the site, which until 2013 was carried out by Parque Expo 98, guaranteed the quality of the urban planning, based on high-quality infrastructure, facilities and public spaces that became key reasons for people and companies to establish themselves in this new and modern part of Lisbon.
The various architectural icons, which were a legacy from Expo’98 and which stand out in the urban landscape of the waterfront, were enhanced by residential areas, stores, restaurants, schools, hotels and a vast range of national and multinational companies. Parque das Nações is one of the areas of the country with the highest concentration of offices and company headquarters (it is estimated that around 30,000 people work here) and it continues to offer opportunities in the real estate sector, attracting companies and investors alike. Now nearly fully developed, Parque das Nações is a consolidated area which is often considered a model for riverside regeneration. This first example of Lisbon opening up to the river is replicated in other locations, not only enhancing the relationship between the city and the river Tagus, but also the connection between Parque das Nações and the city centre.
A territory Cushman & Wakefield has helped to develop and consolidate
Throughout the years we have executed numerous leasing and investment transactions in the office sector, in many of the most emblematic buildings developed at Parque das Nações. Our involvement with this territory extends further to leasing of retail units, property management of many office buildings and the management of construction sites and tenant fit-out.
Gare do Oriente, Lisbon
A SYMBOL OF MODERN LISBON
Bruno Silva
Head of Asset Services, Cushman & wakefield
The CRE industry is experiencing a structural paradigm change. Working from anywhere is putting additional pressure on office buildings that began competing for a place in the expanded ecosystem of workplaces. We believe that success in the management of this asset class starts with a well-defined ESG policy, followed by every stakeholder. Productivity, Innovation, Corporate Culture, Customer Experience and Safety are critical concepts to attract employees, turning office buildings into the preferred workplaces. Office buildings of the future – Smart Buildings – will also incorporate Innovation, Automation, Virtual and Augmented Reality, Machine Learning, Big Data and Cloud Computing. We are already deploying these concepts in our procedures, allowing a more efficient management of the building’s infrastructure, lower operating costs, and a reduced ecological footprint.
BUILDING
ARTS
Purchase of the Caribe Building for Rockspring and lease to Novabase.
Management mandate for the Art’s Business Center office building.
Lease of the entire Báltico Building to CTT.
Three new management mandates for the Mar Vermelho, Espace and Explorer buildings.
Sale of the Espace and Explorer buildings, from Pramerica Real Estate Investors, to Swiss investor AFIAA, for around €30 million – the first large transaction after the economic crisis.
Concluded the leasing of Art’s Business Center and Adamastor Towers. Acts in the sale of Expo Tower and Caribe buildings.
Acquisition of the 70,000 sq.m Office Park Expo development for a Singapore-based fund, for over €230 million – the largest-ever investment transaction in the area. Completes the leasing of the Fernão de Magalhães Tower.
Sale as forward purchase of a 17,400 sq.m building to Ageas for its new head office, on behalf of the Martinhal group.
Sale of Art’s Business Centre and Fernão de Magalhães Tower to Merlin Properties, and Office Oriente to Generali.
Prime rent is currently the second highest in the Greater Lisbon market (€19/SQ.M/month).
ZONE 5 - PARQUE DAS NAÇÕES
The vacancy rate is at historically low levels (0.8%).
150.000 SQ.M
€590
mILLION
Total amount of investment transacted
Total area of office space leased
Total area managed for clients
Acquisition of Expo Tower for Ageas.
Edifcio Arts, Parque das Nações, Lisbon
The first flight from a low-cost airline, Go Fly (later acquired by Easyjet), landed at Lisbon Airport. This was the beginning of a new era for tourism in Portugal, in particular for the cities of Lisbon and Porto, which boosted the development of high street retail and real estate in general.
On 28 February, the Euro entered into circulation and replaced the national currency of 11 countries, which at the time joined the single currency, including Portugal. The period of simultaneous circulation of the Euro and national currencies, which had been in effect since 1999, hereby came to an end.
In March, Swedish fast fashion chain H&M opened its first store in Portugal, in Chiado, with the help of Cushman & Wakefield.
The first store of the Swedish furniture chain IKEA opened in Portugal (Alfragide, outside Lisbon), a concept that quickly captivated Portuguese consumers. The Euro 2004 football tournament is held in Portugal. To organise the event, 10 stadiums were built or renovated and around one million tourists visited our country. Portugal finished in an honourable second place, losing in the final, but the country scored points in other areas, including the economy, the tourist industry and the exposure of the country on a world stage. The first stone of Freedom Tower or One World Trade Center was laid on 4 July, the first building of the new World Trade Center development that would fill the area left vacant following the terrorist attack on 11 September 2001. The One World Trade Center, the tallest building in the western hemisphere, opened in November 2014 and involved Cushman & Wakefield New York’s active participation from the beginning.
Lx Factory opens in November, a 23,000 sq.m creative business and leisure hub that will breathe new life into an old abandoned industrial area. This marks the beginning of the regeneration of Alcântara, a neighbourhood in transformation with new residential areas, restaurants and innovative retail concepts.
With the help of Cushman & Wakefield, the first store of the Irish chain Primark is opened at Dolce Vita Tejo (currently UBBO). The brand has achieved great success, thanks to its vast array of clothing and accessories on offer at affordable prices.
Edifcio Grandella, Lisbon
Livraria Ler Devagar, Lx Factory, Lisbon
THE DECADE OF TRANSFORMATION
The period from the beginning of the decade until this year of Cushman & Wakefield’s 30th anniversary in Portugal, is full of contrasts. It began with an economic crisis that touched every sector of economic activity, but from which real estate re-emerged stronger and with renewed impetus. The regeneration of the inner cities, the revitalisation of the high street, record levels of investment and the emergence of the real estate market in Porto are the most visible signs of a country in transformation, along with an unprecedented influx of tourists and international exposure.
At the turn of the new decade, the world was surprised by the advent of a pandemic with economic and social consequences which are still unpredictable. However, the intrinsic qualities of Portugal and the strength of the real estate market are turning the property sector into one of the most resilient to the impact of the pandemic. And the various trends which the pandemic has accelerated will bring new opportunities to this market.
HIGH STREET RETAIL
Retail supply returns to the high streets of cities transformed
The first half of the decade will inevitably be associated with the economic crisis and the intervention of the Troika of lenders under the financial assistance programme.
Notwithstanding the austerity which the population and the companies were made to suffer, it is important to retain the longer-term legacy of this intervention for both the country and real estate. The structural reforms which were implemented opened the way for changes that the real estate sector had been claiming for decades. This is the case of the changes to the Lease Rent Law, in 2012, which brought an end to permanent contracts that guaranteed low rents, forever. Despite several peculiarities, the new legislation was, together with the boom in tourism, a huge catalyst for the regeneration of the cities and their high streets, freeing up retail units and allowing for buildings in need of major renovation works to be vacated. In the historic centres, hitherto degraded and deserted, with an outdated retail offer, modern stores appeared, bringing new life to areas that had once been the epicentre of commercial activity. Downtown Lisboa and, in particular, its main street Rua Augusta, is a prime example of such revitalisation, where rents are now exceeding those on Avenida da Liberdade and close to those of Chiado, sustained by the arrival of new retail concepts and by exponential growth in tourism, both local and foreign. This impetus for renovation also gave rise to new retail destinations where innovative concepts emerged, particularly in the food & beverage sector, such as in Príncipe Real, Avenidas Novas, and Cais do Sodré/Santos. In addition, more consolidated areas, such as Avenida da Liberdade, benefited from the rehabilitation of several buildings, offering new ground floor units which attracted many international luxury and premium brands.
Rua do Carmo Lisbon
RETAIL SUPPLY RETURNS TO THE HIGHSTREETS OF CITIES TRANSFORMED
Cushman & Wakefield at the forefront of assisting new stores, brands and concepts
The company has been an active player in this transformation throughout this decade, as evidenced by the leasing of high street stores in the cities of Lisbon and Porto. In addition to consolidated retail areas, Cushman & Wakefield prides itself on having been a pioneer in the creation of new retail destinations in areas that had long been neglected. Demand has diversified over time, and while the traditional retail clusters, such as the Baixa/Chiado area and Avenida da Liberdade, continue to be the preferred location for retailers, we must acknowledge the current dynamics of areas such as Avenidas Novas, including Avenida da República, and the Cais do Sodré/Santos area.
Following years of stagnation due to the predominance of old rental contracts, rents in downtOWN Lisbon rose sharply from 2015.
Since 2018 the amounts on offer have exceeded those on Avenida da Liberdade and are approaching those of Chiado.
Growth 1990-2020
CHIADO
200%
122%
AVENIDA DA LIBERDADE
101%
PORTO (DOWNTOWN)
CUSHMAN & WAKEFIELD AT THE FOREFRONT OFASSISTING NEW STORES, BRANDS AND CONCEPTS
Assisted brands such as Muji, Blanco, Custo Barcelona, Pronovias, Nespresso and Miss Sixty with their entry into Portugal.
Leases arranged for El Ganso and Zara Home, in Chiado, and Salsa and Amorino, on Rua Augusta, among many others.
Assists Cartier in securing its flagship store on Avenida da Liberdade, as well as Boutique dos Relógios Plus, in addition to Perfumes & Companhia, Salsa, Eric Kayser, Amorino and Vitaminas in the Baixa/Chiado axis.
In a very active year in high street leasing, of particular note are leases to Michael Kors and Aristocrazy on Avenida da Liberdade, and Stradivarius and Apple Reseller in Chiado.
HIGH STRERT RETAIL
New flagship stores of Ermenegildo Zegna and Hugo Boss, as well as the first units for Hackett, Cos and Juliana Herc, all on Avenida da Liberdade.
New flagship stores of Porsche Design, Rimowa, Loja das Meias and the emblematic Boutique dos Relógios Art, all on Avenida da Liberdade.
Acts in the sale of two leased stores on Avenida da Liberdade to insurer Zurich. Leases the first stores in Portugal of Pinko and Brandy Melville, on Avenida da Liberdade and in Chiado respectively.
Responsible for the opening of the luxury stores of Bulgari and Versace on Avenida da Liberdade. Acts in the lease of the first Lisbon store of the historic pastry shop Alcoa and the first high street unit of Quem Disse Berenice, both in Chiado, where Lanidor, Sunglass Hut and Springfield are also present. Negotiates Pikolinos and Sunglass Hut on Rua Augusta.
Leases to French brands Sandro and Maje on Avenida da Liberdade and Claus Porto and John Tweed on Chiado.
Leases to Daniela Birg, on Avenida da Liberdade, Happy Socks, in Chiado, and Levi’s, on Restauradores.
Sale, on behalf of Avenue, of the nine stores in the iconic Liberdade 203 development in Lisbon, to Spanish REIT Tander Inversiones. Leases the first stores of Golden Goose in Portugal on Avenida da Liberdade, as well as Roche Bobois and Rosa Clará in the same street.
ProWinko and C&W, a very long-standing business relationship! Eric van Leuven was of course the first person I met when I pushed open the door of the Healey & Baker office in Lisbon. It was great to be able to present our small company Prowinko to a fellow Dutchman who understood our approach to property investment and development straight away. Of course the very first building that we discussed was the landmark building of “Pimenta”, probably very much the same story with every other aspiring retail developer who first set foot in Lisbon. The investment climate was such that there was very little chance to get any deal done at all, but since we Dutchmen enjoy so much to come to the wonderful city of Lisbon we continued going through the motions of visiting together some very unlikely projects every year for the following 5 or 6 years until this big sub-prime crisis hit the world and we suddenly found ourselves buying through the good offices of Healey & Baker/Cushman and Wakefield a small property on the rua Augusta in a sale and lease back operation. First deal done, more followed, so many thanks to Eric and his team for getting us up and running! But it got even better when Eric unwittingly farmed out into a new line of business, executive search and providing ProWinko with their man in Lisbon, Pepe Regojo, still our director to this day. Fortunately Eric agreed that we do not owe commission on every deal Pepe has done ever since. We would like to thank Eric van Leuven and Sandra Campos and the whole team for all the great deals, the solid research and advice, the availability and the wonderful moments we’ve had over the last fifteen or so years. They stood at the base of our exposure in Portugal and we count ourselves lucky that they are still taking good care of us and hope that this situation will stay unchanged for many more years to come. Happy 30th birthday to the Cushman & Wakefield Portugal team!
Phillip van Perlstein
Managing Director ProWinko
At this time so profoundly marked by behavioural transformation, with regard to the way we consume, work and socialise, the retail sector is probably one of the most challenged of all commercial real estate, but also one of the most resilient. Time and again, the sector proves capable of reinventing itself, adapting to the moment and to the needs of the consumer. Today more than ever, retail customers are well-informed, demanding and have an almost infinite array of choices in front of them. A customer who merges the physical space with the digital world as if they were the same; the so-called Phygital, probably the most disruptive trend for the retail market which unites the online and the physical, in an omnichannel environment. However, personal interactions continue to play a critical role and are highly valued by the consumer, and retail therefore needs to offer the physical and sensorial components in order to seduce a buyer who tends to be less and less loyal and increasingly eager for immersive experiences. We cannot ignore the new demands of consumers, especially those of younger generations, who are increasingly more aware of Corporate Social Responsibility and of companies that are aligned with their own values. We are optimistic about the prospects for the sector. We see a proliferation of new concepts that, whether pop-up or permanent stores, are appearing at an overwhelming pace. The focus on leisure and on food & beverage, as well as stores with a highly personalised, sensory and experiential service, strengthen the use of the physical space to assert the brand, capable of generating sales through every channel. It is a new equilibrium where the consumer is firmly at the centre and where everything must occur in the right place, at the right time. But which is also an engine to drive and create value for commercial real estate in every aspect.
Sandra Campos
Head of Retail Agency, Cushman & Wakefield
HIGH STREET RETAIL IN NUMBERS
560.930 SQ.M
Total area leased in the high street between 2010-2020
CUSHMAN & WAKEFIELD DEALS
325
Number of high street units leased between 2010-2022
48
Units leased on Avenida da Liberdade - 50% of all deals done in this street
URBAN REGENERATION
A true urban revolution in city centres
Before the second half of the decade, the urban regeneration movement begins to gain momentum and to change the face of many Portuguese cities, with a particular emphasis on Lisbon and Porto. The regeneration of city centres and the revival of historic areas occur in response to a growing interest in buildings for refurbishment, driven by the demand of the end-user, not only in the residential segment, but also in hospitality, short-term rental apartments and even offices.
Attracted by the opportunities in this sector, new players take a leading role in rehabilitation, and the traditional local and foreign developers and investors are joined by small and medium-sized operators, as well as individual entrepreneurs. In addition to boosting the national economy and the real estate market, investment in rehabilitation is instrumental in the modernisation and value appreciation of cities, their neighbourhoods and their architectural heritage.
Cushman & Wakefield plays an active role in the new urban dynamic
The transaction of buildings for refurbishment saw significant growth and Cushman & Wakefield played a pivotal role in these deals. The cities of Lisbon and Porto have been the main target for this type of investment, in which the company has acted in many different locations and for diverse investor profiles.
REDEVELOPMENT PROJECTS
Transaction of several buildings, notably the emblematic Palácio São Roque in Bairro Alto.
14 properties transacted including 3 sites on Avenida da Liberdade (Nos. 40, 71 and 203), the Convento das Mónicas, and a collection of 8 buildings on Avenida Duque de Loulé.
100.000 sq.m
300.000 sq.m
600.000 sq.m
800.000 sq.m
1.000.000 sq.m
2.000.000 sq.m
1995- 1999
2000- 2004
2005- 2009
2010- 2014
2015- 2019
LISBON
PORTO
Source: INE
A TRUE URBAN REVOLUTION IN CITY CENTRES
Before the second half of the decade, the urban regeneration movement begins to gain momentum and to change the face of many Portuguese cities, with a particular emphasis on Lisbon and Porto. The regeneration of city centres and the revival of historic areas occur in response to a growing interest in buildings for refurbishment, driven by the demand of the end-user, not only in the residential segment, but also in hospitality, short-term rental apartments and even offices. Attracted by the opportunities in this sector, new players take aleading role in rehabilitation, and the traditional local and foreign developers and investors are joined by small and medium-sized operators, as well as individual entrepreneurs. In addition to boosting the national economy and the real estate market, investment in rehabilitation is instrumental in the modernisation and value appreciation of cities, their neighbourhoods and their architectural heritage.
Sale of several properties, among which Marquês de Tomar 69 and the former Amial factory, in Porto, for a major, 1,000+ beds, student residence development.
Sale of Rossio 62 (the former head office of Casa da Sorte), among many others.
Sale of the former head office of Caixa Geral de Depósitos in Rua de Ouro, the former head office of AICEP on Avenida 5 de Outubro and several other buildings in the city centre.
30 Years… This coincides with how long I have been involved in real estate and investment! How time flies….so many years of projects, challenges and successes in which Cushman & Wakefield has always been involved. They were not just outstanding professionals, but also wonderful people, who helped us grow and learn! All the technical ability and knowledge acquired, together with extreme dedication from all, have been, without doubt, the factors which have contributed most to the successes in which I have had the pleasure to be involved. Knowing our profile and ambition so well, these are the factors that Cushman & Wakefield does not neglect and is also actively helping us and pushing us towards opportunities which might otherwise pass us by. Here’s to us living and working for another 30 years and more, certain that the role of Cushman & Wakefield in our national real estate will always be of the greatest importance, by constantly following the latest trends and technologies, not only by ourside as investors, but also together with our potential Clients and/or tenants.
Miguel Santana
Board Member, Fidelidade Property
Just like other business sectors, construction activity has been in transformation in the past decade. The sub-prime crisis had a devastating impact, causing the disappearance of many construction companies, subcontractors, and skilled labour. Following the economic recovery and the return to activity in this industry, scarcity of resources inevitably caused spiralling construction costs, a phenomenon which is still ongoing today. In addition, and still in the context of construction costs, the sector was one of the few that did not stop during the pandemic and even recorded a slight increase in activity in 2020. However, we are currently facing a global issue with a shortage of raw materials due to the impact of the pandemic in the production of materials such as timber, steel and aluminium, which will lead to further price increases, estimated at possibly over 35%. Inevitably, this rise will have an inflationary effect on construction costs and, as a consequence, the price of real estate. More than ever, and in the current panorama, the importance of project managementand of integrated, value-add services such as Design & Build, cannot be undervalued. These activities and services, in addition to creating value, reduce the risk in real estate investment, by anticipating problems and proposing optimised solutions, undertaking rigorous analysis of prices and of reliable and resourceful suppliers, careful and realistic planning of construction work, and good management of the expectations of all stakeholders. The inclusion of the Design & Build model, within our project management and architecture services, will allow for a more integrated approach to the fit-out and remodelling sector, developing projects in accordance with the parameters of costs and deadlines of each client.
Matthew Smith
Head of Project & Development Services, Cushman & Wakefield
urban regeneration
30 years…. This coincides with how long I have been involved in real estate and investment! How time flies….so many years of projects, challenges and successes in which Cushman & Wakefield has always been involved. They were not just outstanding professionals, but also wonderful people, who helped us grow and learn! All the technical ability and knowledge acquired, together with extreme dedication from all, have been, without doubt, the factors which have contributed most to the successes in which I have had the pleasure to be involved. Knowing our profile and ambition so well, these are the factors that Cushman & Wakefield does not neglect and is also actively helping us and pushing us towards opportunities which might otherwise pass us by. Here’s to us living and working for another 30 years and more, certain that the role of Cushman & Wakefield in our national real estate will always be of the greatest importance, by constantly following the latest trends and technologies, not only by our side as investors, but also together with our potential Clients and/or tenants.
Just like other business sectors, construction activity has been in transformation in the past decade. The sub-prime crisis had a devastating impact, causing the disappearance of many construction companies, subcontractors, and skilled labour. Following the economic recovery and the return to activity in this industry, scarcity of resources inevitably caused spiralling construction costs, a phenomenon which is still ongoing today. In addition, and still in the context of construction costs, the sector was one of the few that did not stop during the pandemic and even recorded a slight increase in activity in 2020. However, we are currently facing a global issue with a shortage of raw materials due to the impact of the pandemic in the production of materials such as timber, steel and aluminium, which will lead to further price increases, estimated at possibly over 35%. Inevitably, this rise will have an inflationary effect on construction costs and, as a consequence, the price of real estate. More than ever, and in the current panorama, the importance of project management and of integrated, value-add services such as Design & Build, cannot be undervalued. These activities and services, in addition to creating value, reduce the risk in real estate investment, by anticipating problems and proposing optimised solutions, undertaking rigorous analysis of prices and of reliable and resourceful suppliers, careful and realistic planning of construction work, and good management of the expectations of all stakeholders. The inclusion of the Design & Build model, within our project management and architecture services, will allow for a more integrated approach to the fit-out and remodelling sector, developing projects in accordance with the parameters of costs and deadlines of each client.
INSTITUTIONAL REAL ESTATE INVESTMENT
Record high volumes in a market with increased liquidity
The second half of the decade marks not only the beginning of the rebound of the real estate market, but also the start of a paradigm shift for investment activity in Portugal. The market registers record volumes of investment, supported by high levels of liquidity in global markets, the favourable situation of the Portuguese economy, and increasingly solid occupational indicators.
The transformational dynamics of this market are equally evidenced by the diverse sources of capital, the abundance and varied profile of the operators, the larger scale transactions and the growing interest in property portfolios, in addition to the increasing appetite for less conventional asset classes. While the retail and office sectors are still the preferred investors’ pick, activity in alternative assets (hotels, student residences, educational and healthcare property, and co-working centres) becomes increasingly more significant. Portugal’s consolidation as a global investment destination is also demonstrated by the greater recycling of assets seen in the past years, on the one hand, and by the ever-greater presence of institutional, long-term investors, on the other. This perception of the country as a stable and safe market, strengthens Portugal’s reputation in the international capital markets arena, resulting in record levels of transactions.
Cushman & Wakefield involved in a large number of the biggest deals
Upon the return of the country to the global investment stage, Cushman & Wakefield made a significant contribution. We were involved in a large part of the volume transacted in the market, acting in the most important deals in different sectors: offices, retail, logistics, and hotels. Also noteworthy is our role in the sale of large portfolios for urban regeneration and properties for development.
2010-2020
175
Number of properties transacted
€4
Total volume transacted
BILLION
€1,2
Volume transacted in retail - 57 Properties
€1,8 MIL
Volume transacted in office buildings - 43 Properties
€490
Volume transacted of urban (re)development properties - 40 Properties
MILLION
€13
Volume transacted in hotels and other sectors
€604
Volume transacted in industrial - 33 Properties
RECORD HIGH VOLUMES IN A MARKET WITH INCREASED LIQUIDITY
The second half of the decade marks not only the beginning of the rebound of the real estate market, but also the start of a paradigm shift for investment activity in Portugal. The market registers record volumes of investment, supported by high levels of liquidity in global markets, the favourable situation of the Portuguese economy, and increasingly solid occupational indicators. The transformational dynamics of this market are equally evidenced by the diverse sources of capital, the abundance and varied profile of the operators, the larger scale transactions and the growing interest in property portfolios, in addition to the increasing appetite for less conventional asset classes. While the retail and office sectors are still the preferred investors’ pick, activity in alternative assets (hotels, student residences, educational and healthcare property, and co-working centres) becomes increasingly more significant. Portugal’s consolidation as a global investment destination is also demonstrated by the greater recycling of assets seen in the past years, on the one hand, and by the ever-greater presence of institutional, long-term investors, on the other. This perception of the country as a stable and safe market, strengthens Portugal’s reputation in the international capital markets arena, resulting in record levels of transactions.
INVESTMENT MARKET PORTUGAL
PRIME YIELD
OVER THE YEARS, OVERSEAS CAPITAL HAS BEEN PREDOMINANT IN THE PORTUGUESE INVESTMENT MARKET.
Offices
Shopping Centres
National
Foreign
Industrial & Logistics
INVESTMENT VOLUME
Expect the unexpected: here is a phrase to express what awaits every real estate professional in the coming years. Indeed, the speed of global societal transformation has accelerated greatly in the last few years, and day after day, we find ourselves questioning that which had once seemed dogmatic. Shopping centres: from a traditional mainstay of Portuguese real estate to a cursed category today? Hotels: a niche only for specialists up to 2015, a precious jewel up to 2020, currently a big question mark? Logistics: from a minor category up to 2017 to the top of the world in 2020? Residential leasing: from a non-existent category until recently to an overwhelming favourite today? Office: how will we use them in the future? How much space will we need? Student housing, senior living, co-working, co-living, healthcare, data centres, life sciences: where are they heading? How important are the ESG criteria? Change will be the only constant!
Paulo Sarmento
Head of Capital Markets Group, Cushman & Wakefield
The first contact I had with Cushman & Wakefield, at the time Healey and Baker, goes back to 1993, in a meeting with Eric van Leuven which took place on Avenida da Liberdade and which, even today, I can recall. Since then, Cushman & Wakefield has been a permanent and regular part of my professional life, accompanying all the changes that occurred over these thirty years, first at ESAF and later at Square. After almost 30 years, I continue to rely on the support and collaboration of Cushman & Wakefield, whether that be Eric or his teams, with great proximity, for the activity we develop in the areas of Research, Property Management, Capital Markets and Leasing. Cushman & Wakefield Portugal understands and has adapted to the investment criteria of each of our vehicles, allowing them to add value to the assets under management and to find new opportunities, always in accordance with the principles and rules we observe. In the evolution of real estate in Portugal, I would particularly call out the innovative work of the Research Department, at a time when information did not flow at the speed it does now. This has brought greater transparency to the market, uncommon at the time, as well as implementing consistency and systems, which have been maintained to this day. After almost thirty years, I continue to rely on Cushman & Wakefield and the professionalism of its teams for the success of my activity and that of Square Asset Management.
Pedro Coelho
Vice-Chairman, Square Asset Management
€ Millions
Over the years, overseas capital has been predominant in the Portuguese investment market.
A “new” city introduces itself to the international markets
Capitalising on the economic growth of the country from 2014, Greater Porto emerges as an increasingly attractive destination for real estate. The tourism boom, large-scale urban regeneration, including the rehabilitation of iconic areas and spaces in the city, and investment in infrastructure, are but examples of a transformation that creates a new cycle in the real estate of “Invicta”.
The office sector was the first to show signs of this change. The increasing demand for quality space to set up companies in the technology sector, BPO’s and shared service centres, confirmed its attractiveness on a European scale, positioning the city at the top of preferences for many multinationals. Different and more demanding requirements from these new occupiers, which were not met by the existing supply, drove the development and rehabilitation of new projects. It is not, however, only international companies and real estate developers who take a closer look at Porto. The capital of the north comes onto the radar of investors with a more compelling rationale in the European investment context, and seeing an ever more substantial proportion of transactions in the Portuguese market. Similarly, more and more locally and internationally renowned retailers are focusing their attention on the now revitalised historic areas, where new stores have revitalised the high streets. Porto’s affirmation at every level, along with its enormous growth potential, results in the city today being the preferred option for investment intentions of many operators in the real estate sector.
OFFICES
37%
38%
RETAIL
The Porto market also grows with the help of Cushman & Wakefield
Cushman & Wakefield contributed to the development of the real estate sector in Greater Porto. We opened an office in Porto in 2016, underlining our commitment to the city, and we have continued to grow here, with active involvement in many projects. Our activity in “Invicta”, however, began as early as 1993, when we helped with the redevelopment of what became a retail icon in this city, the ViaCatarina shopping centre.
RETAIL & OFFICE MARKET
A “NEW” CITY INTRODUCES ITSELF TO THE INTERNATIONAL MARKETS
Capitalising on the economic growth of the country from 2014, Greater Porto emerges as an increasingly attractive destination for real estate. The tourism boom, large scale urban regeneration, including the rehabilitation of iconic areas and spaces in the city, and investment in infrastructure, are but examples of a transformation that creates a new cycle in the real estate of “Invicta”. The office sector was the first to show signs of this change. The increasing demand for quality space to set up companies in the technology sector, BPO’s and shared service centres, confirmed its attractiveness on a European scale, positioning the city at the top of preferences for many multinationals. Different and more demanding requirements from these new occupiers, which were not met by the existing supply, drove the development and rehabilitation of new projects. It is not, however, only international companies and real estate developers who take a closer look at Porto. The capital of the north comes onto the radar of investors with a more compelling rationale in the European investment context, and seeing an ever more substantial proportion of transactions in the Portuguese market. Similarly, more and more locally and internationally renowned retailers are focusing their attention on the now revitalised historic areas, where new stores have revitalised the high streets. Porto’s affirmation at every level, along with its enormous growth potential, results in the city today being the preferred option for investment intentions of many operators in the real estate sector.
While Cushman & Wakefield has operated across the whole country ever since it was established in Portugal, the opening of the office in Porto was the realization of an old and cherished ambition. It was also great news for the city: today regions compete internationally to capture investment and global consultants like Cushman & Wakefield are instrumental to provide visibility and to promote their unique selling points around the world. The people of the north are justly recognised for their determination and entrepreneurship - and for their hospitality. In this era in which economic and social progress are determined ever more by human capital and less by geography, we can only anticipate a more promising future for this region. Cushman & Wakefield intends to participate in this journey enthusiastically, ever more an ambassador for Porto in the real estate sector, promoting the city’s enormous potential to its partners and clients, in particular those from overseas.
Óscar Sá
Development & Living Porto, Cushman & Wakefield
Leases stores in Passeio dos Clérigos to HUGO by Hugo Boss, Diesel, Liu Jo, Fly London and Hoss Intropia.
Strengthens its presence in Porto with the opening of an office in the city.
Leases 5,000 sq.m to Regus for a new Office Centre in the District Offices and Lifestyle project, in downtown Porto.
Acts for Avenue in the sale of four stores in the iconic Aliados 107 Building, on Avenida dos Aliados, to Tander Inversiones, with three of these stores having previously been leased by Cushman & Wakefield to Boutique dos Relógios Plus, Tod’s and Burberry. Leases 8,500 sq.m of offices in BOC - Boavista Office Centre to Farfetch. Upgrades and expands its office in “Invicta”, strengthening its commitment to this market. Leases stores to Sports Direct on Avenida da República, in Vila Nova de Gaia, Jeronymo in Rua do Passeio Alegre, in Foz do Porto, and the first bricks & mortar store of Jak Shoes in Rua de Santa Catarina.
Leases stores to High Services and to restaurant Habitat Terra e Fogo, both in Foz do Porto. Leases 2,500 sq.m of office space to PwC in Porto Office Park, and 4,500 sq.m to Natixis for its expansion in Porto Business Plaza.
Following a request by the Portuguese government for financial assistance, a technical team composed of the European Commission, the European Central Bank and the International Monetary Fund (which became known as “Troika”), arrives in Portugal to begin negotiations over a financial aid programme for the country. As a result, austerity measures and structural reforms were implemented in several areas, including legislation regarding landlord & tenants, and urban regeneration.
Important changes to the Lease Law come into effect allowing the liberalisation of rents after a 7-year transition period, and historic rents to reach close to market levels, with some exceptions specified in the law. Despite certain conditions, the enactment of the law was decisive for the development of high street retail and for urban regeneration activity, particularly in the centres of Lisbon and Porto.
The regime for temporary exceptions for the licensing of inner city rehabilitation projects is enacted, simplifying the licensing of certain works (where they concern properties fully or predominantly for residential use, over 30 years old or located in specifically designated urban rehabilitation areas), in addition to introducing a set of fiscal incentives. The legislation played a crucial role in the exponential increase in urban regeneration projects.
The Web Summit takes place in Lisbon for the first time. The largest technology and innovation conference in Europe brought 53,000 participants to Lisbon (over 70,000 in the last editions) including around 7,000 CEOs, from 100 countries. The event, which has taken place in Lisbon since then, has quickly become a symbol of entrepreneurship and technological innovation for Portugal, benefited the economy and tourism, boosting Portugal’s (and Lisbon’s) international exposure.
On 25 July the Beato Hub Criativo project was launched in Lisbon, to be developed in the former industrial complex of Manutenção Militar. The project, which aims to be a centre of innovation for companies and start-ups in the technology and creative industries, will add value to the neighbouring areas of Beato and Marvila, boosting the regeneration movement that is transforming this riverside area into one of the most exciting in the Portuguese capital.
Web Summit, 2016, Lisbon
Hub Criativo do Beato, Lisbon
On 11 March 2020 the World Health Organisation (WHO) declared a pandemic as a result of the COVID-19 disease. On 18th of the same month a State of Emergency was decreed in Portugal, which, amongst other measures, enforced a lockdownon the population. At different stages, and to varying degrees, the pandemic resulted in successive lockdowns around the world, with the suspension of the majority of economic, educational, cultural and leisure activities, closing businesses, retail outlets, schools, hotels and many other establishments. At the same time, the movement of people was limited with the closing of borders and the suspension of air traffic and other connections between countries.
The pandemic is far from under control and the scale of the economic and social impact is still unpredictable. Although the real estate market proved one of the most resilient sectors of activity, the consequences have been felt in every sector, with retail and hospitality the most affected. Retail has been hit particularly hard, with the closure of all stores, the absence of tourists and the restrictions imposed on store openings, both on the high street and in shopping centres. Hospitality has been negatively affected by the paralysis of the flow of tourists around the world and the travel restrictions between countries. The pandemic forced millions around the world to work from home, from one day to the next, and if this was until then a sporadic situation for the majority, it has proved to be far more successful than expected. For this reason, and because working in the office now requires a new set of rules, the purpose of the office, and its lay-out and configuration, are very much under review. E-commerce is another trend which the pandemic has accelerated and demand for logistics space fit for purpose has increased in the metropolitan areas of Lisbon and Porto. This is the case of the last mile distribution platforms in the urban centres of these cities, which is now attracting new operators to the market, and of self-storage units, which are also witnessing growing demand.
On 11 March 2020 the World Health Organisation (WHO) declared a pandemic as a result of the COVID-19 disease. On 18th of the same month a State of Emergency was decreed in Portugal, which, amongst other measures, enforced a lockdown on the population. At different stages, and to varying degrees, the pandemic resulted in successive lockdowns around the world, with the suspension of the majority of economic, educational, cultural and leisure activities, closing businesses, retail outlets, schools, hotels and many other establishments. At the same time, the movement of people was limited with the closing of borders and the suspension of air traffic and other connections between countries.
The pandemic is far from under control and the scale of the economic and social impact is still unpredictable. Although the real estate market proved one of the most resilient sectors of activity, the consequences have been felt in every sector, with retail and hospitality the most affected. Retail has been hit particularly hard, with the closure of all stores, the absence of tourists and the restrictions imposed on store openings, both on the high street and in shopping centres. Hospitality has been negatively affected by the paralysis of the flow of tourists around the world and the travel restrictions between countries. The pandemic forced millions around the world to work from home, from one day to the next, and if this was until then asporadic situation for the majority, it has proved to be far more successful than expected. For this reason, and because working in the office now requires a new set of rules, the purpose of the office, and its lay-out and configuration, are very much under review. E-commerce is another trend which the pandemic has accelerated and demand for logistics space fit for purpose has increased in the metropolitan areas of Lisbon and Porto. This is the case of the last mile distribution platforms in the urban centres of these cities, which is now attracting new operators to the market, and of self-storage units, which are also witnessing growing demand.
HISTORIC INITIATIVES
Innovative events and initiatives, publications of analysis and market trends, and awards that distinguish Cushman & Wakefield have also been an important part of our 30-year journey. Some of the initiatives remembered here bring back fond memories, as they marked the company and the industry at a certain moment in time; others continue to build our story and to differentiate Cushman & Wakefield with our clients or colleagues.
Cushman & Wakefield, Lisbon
MARKETBEAT
Issued without interruption since 2003, Marketbeat was the first publication on the state of the real estate market in Portugal, with analysis covering every sector of commerce real estate: offices, retail, industrial & logistics and investment. Issued twice yearly, its content has developed over time to reflect trends and changes in the market, and began including other sectors that had become significant, such as development and urban regeneration, hospitality and the residential market. With the Greater Porto market growing and becoming an increasingly attractive destination for occupiers and investors, we also launched Marketbeat Porto. Apart from being an indispensable tool for our team and their daily interactions with clients, the analyses and trends that we reveal in Marketbeat (and other publications launched since) help our clients to take more informed and reasoned decisions for the future of their business.
This conference, the first edition of which took place 2017, debates the future of real estate through the vision of both local and international specialists in different sectors, directly or indirectly linked to the industry. Rather than simply debating the state of the market, the event seeks to challenge the guest speakers to exchange ideas, points of view and experiences on current topics and future trends which will shape the real estate sector. Disruptive visions and innovative perspectives are the hallmark of this conference which, in the last edition, joined some 300 participants in the auditorium of the Champalimaud Foundation to debate the way in which people will work, live and have fun in the future.
THE FUTURE OF REAL ESTATE CONFERENCE
WOMEN IN PROPERTY
This was a pioneering initiative from Cushman & Wakefield in 2014 which remains unparalleled in the Portuguese real estate market. This event, which took place every year for 10 years, brought together female professionals from the real estate sector, in its broadest sense. The innovative character of this initiative attracted an increasing number of participants each year, with the attendance eventually exceeding 150. The renowned brands and companies that, from the beginning, embraced the event through participation and sponsorship, attest to its unique character and were a key reason for its success, thanks to the amount of free offers provided to participants, in addition to the prizes raffled.
STAFF WEEKEND
Taking place since 1997, the annual staff weekend seeks to strengthen the team spirit and reinforce the ties between Cushman & Wakefield staff. The weekend, which is spent at a hotel in Portugal (and once in Marrakesh, Morocco), provides both a moment of strategic reflexion and of entertainment, and is one of the highlights of the year. It is also the perfect occasion for new employees to integrate and, in its early editions, an opportunity to get to know and spend time with the family of employees, given the invitation was extended to partners and children. While the large number of staff currently no longer permit this, the family spirit of the event remains.
GREAT PLACE TO WORK®
Cushman & Wakefield was the first company in the real estate sector to be recognised, in 2007, as the best place to work in Portugal by Great Place to Work®, dethroning Microsoft. Present in around 60 countries, Great Place to Work® is internationally renowned in the area of research and consultancy, as the most recognised programme of best employment practices. This award recognizes the corporate culture at Cushman & Wakefield Portugal which, from very early on, has been based on respect, dignity and inclusion of every employee within its talent pool.
CORPORATE SOCIAL RESPONSABILITY
SCAN TO PLANT
Corporate social responsibility is part of the company’s DNA and of its strategic vision for the future. Our commitment to contribute to a better world is practised through sustainable, ethical and responsible practices with our employees, clients, shareholders, communities and environment. In Portugal, these practices have been a constant throughout the 30 years of initiatives that actively involve our teams as well as our clients in supporting local communities and protecting the environment. We take part in environmental conservation actions in partnership with local associations; we incentivise our employees to act with responsibility and to contribute to a more sustainable society, whether through organised initiatives in the office or through their involvement with the community; and staff adhere in large numbers to twice-yearly blood donation. Within the context of our policy for social responsibility, particular reference goes to Associação Protectora das Florinhas da Rua, whom we have supported for almost 15 years. This institution, which interestingly was founded in the same year as Cushman & Wakefield in New York (1917), functions as a care home for children and youngsters at risk. Cushman & Wakefield organises extracurricular activities, provides professional aprenticeships, in addition to organising a yearly fund-raising barbecue, with the children, employees and clients of the company.
“Scan to Plant” is an initiative started in this year in which we celebrate three decades of activity. Its goal is precisely to leave a positive mark for the future, by reducing the use of paper and its carbon footprint and by planting more trees in Portuguese forests. With this program, we commit to eliminating printed brochures from the Cushman & Wakefield offices in Portugal, by introducing a QR code system. Visitors to our Lisbon and Porto offices will find a digital kiosk in the reception area with the covers of our many different studies and brochures, ready to be downloaded by scanning the respective QR code. For every 10 scans, Cushman & Wakefield will plant a tree at the end of the year. This initiative allows our clients and partners to stay informed through our local and global publications, whilst mitigating the environmental impact of their production through digitalization.
We very much hope that the coming 30 years will bring many reasons for us to continue to celebrate!
CELEBRATION 30 YEARS
Cushman & Wakefield celebrated 30 years of activity in Portugal, with over 250 guests, among clients, partners and staff. The party took place in the gardens of Quinta da Pimenteira in Lisbon, in what was one of the first events in the real estate sector after the pandemic. Colin Wilson, CEO EMEA, and Eric van Leuven, Head of Portugal, hosted a cocktail party reminiscing the most memorable events in the Portuguese real estate market over the past three decades and the company’s own involvement and successes.
Quinta da Pimenteira, Lisboa
Clients and Cushman & Wakefield colleagues enjoyed face-to-face contact and being together physically after almost two years without corporate events.
INTRODUÇÃO CUSHMAN & WAKEFIELD: 30 ANOS DE HISTÓRIA DÉCADA DA FUNDAÇÃO CENTROS COMERCIAIS PARQUES DE ESCRITÓRIOS EXPO'98 DÉCADA DO CRESCIMENTO FACTORY OUTLETS PARQUE DAS NAÇÕES DÉCADA DA TRANSFORMAÇÃO COMÉRCIO DE RUA REABILITAÇÃO URBANA INVESTIMENTO IMOBILIÁRIO PORTO INICIATIVAS COM HISTÓRIA CELEBRAÇÃO 30 ANOS
Quinta da Pimenteira, Lisbon
Cushman & Wakefield celebrated 30 years of activity in Portugal, with over 250 guests, among clients, partners and staff. The party took place in the gardens of Quinta da Pimenteira in Lisbon, in what was one of the first events in the real estate sector after the pandemic. Colin Wilson, CEO EMEA, and Eric van Leuven, Head of Portugal, hosted a cocktail party reminiscing the most memorable events in the Portuguese real estate market over the past three decades and the company’s own involvement and successes. Clients and Cushman & Wakefield colleagues enjoyed face-to-face contact and being together physically after almost two years without corporate events.
