Fidelidade Insurance sells offices in Portugal to Cerberus for €125M

Portugal’s largest insurance firm, Fidelidade, has reached an agreement to sell a portfolio of five properties to the US fund Cerberus for nearly 125 million euros.

The insurer, which is owned by Chinese giant FOSUN, started the sale process last September 2019 with the aim of closing before year end. The portfolio consists of five properties located in the country’s two main cities: Lisbon and Porto.

Known as “Arya”, the portfolio includes Terminal K in Lisbon’s Santa Apolónia (6,630sqm) for a potential hotel, the Marechal Saldanha building (2,334sqm), Malhoa 13 building (5,924sqm) in Praça de Espanha and the Galeria de Paris, in Porto (12,882sqm).

The most valuable asset in this portfolio is the insurer’s headquarters at 30 Largo do Calhariz in Lisbon’s coveted Chiado neighbourhood which covers 19,835sqm above ground level and is valued at €80 million.

Cushman & Wakefield has acted as buy-side advisor to Cerberus with FS Capital as local operating partner.

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