Akeler - Offices Sale - Lisbon, Quinta da Fonte

Date: 04 Sep 2002

Akeler, the international office and business park developer, has completed the sale of the next phase of its development at Quinta da Fonte, Lisbon, for 42,250,000 euros (approximately £26,500,000).

MEAG Munich Ergo Real Estate Investment GmbH, a German asset management company, has purchased two new office buildings at Portugal's leading business park. The combined size of the properties is 139,243 sq ft (12,936 sq m).

Development of Quinta da Fonte began in 1992 and it is now home to more than 45 international companies. The business park comprises high quality office space and a number of leisure and retail facilities, including a health club and five restaurants. Akeler is currently finalising construction of the last two developments at Quinta da Fonte, which will take the total net space at the park to 900,000 sq ft (83,500 sq m).

Trevor Silver, Chief Executive of Akeler, commented: "With Quinta da Fonte nearly complete, this sale illustrates yet again the high quality of development from Akeler in Portugal. It serves as a further boost to our strategy of developing premium office and business park space at key urban centres across Europe."

In May 2001, Akeler sold 13 properties at Quinta da Fonte occupied by blue-chip companies including Ericsson, Microsoft, Cisco, Nokia, GE Capital and SAP office. Other tenants at the park include Hewlett Packard, Merck Sharp and Dohme, Bristol-Myers Squibb, Opel, Procter & Gamble, Disney, Novo Nordisk, Master Foods, and Holmes Place.

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