Acting for the vendor, JLL has sold the Palace of Fine Arts in Chiado, Lisbon in a deal that’s been valued at €18m. Fernando Ferreira, JLL’s director of Capital Markets in Lisbon, says the “operation carried out between Portuguese investors, which is very positive in a market where foreign investment has been dominant.”
Located in Largo Nacional das Belas Artes in Lisbon, the Palace has an area of 6,000 sqm, including a second building on Victor Cordon street and a private inner garden. The building is to undergo a complete renovation that will, however, retain its historic character and neoclassical architectural elements. The building was acquired by the Portuguese government in 1971, retaining it until 2009 when the property was sold to a Portuguese real estate fund.
