- Torre Zen is a modern 11,400 sq m office building, acquired by the fund in 2003
The Standard Life Investments European Property Growth Fund (“EPGF”) has completed the sale of Torre Zen, an office building in the Parque das Nacoes “Expo” area of Lisbon. The disposal is part of a strategic rebalancing of the fund’s portfolio, and proceeds of the sale will be reinvested in other European real estate markets where the economic recovery is increasing occupier demand and rents.
Torre Zen is a modern 11,400 sq m office building, acquired by the fund in 2003. It has 13 floors of offices plus three retail units on the ground floor. Current tenants include Danone, Upstar Communications, UHU, TNT and A Padaria Portuguesa.
Veronica Gallo-Alvarez, Fund Manager of the Standard Life Investments European Property Growth Fund, said: “This meets our current strategy to dispose of assets in non-core markets in order to invest in prime assets within recovery markets, such as The Netherlands, Spain and Ireland, where we can deliver strong returns for investors.”