Merlin will invest 40 million in the renovation of Novo Banco's headquarters - Imobiliário

To the 112 million euros paid by Merlin Properties for the acquisition of the Novo Banco headquarters, the Spanish company will add around 40 million in investment to modernize the building located on Avenida da Liberdade, in the heart of Lisbon.

In statements to the idealista website, the CEO of Merlin indicates that the plans for the building include modernization to transform it into a "premium" office asset.

"The idea is to submit the property to a very deep renovation and make a magnificent office building in terms of its excellent location, where, moreover, there is no quality offer. The little that is available (in this area of ​​the Portuguese capital) is very old-fashioned offices", says Ismael Clemente.

The official stresses that the building "will not have anything residential or hotel". It will be, he reinforces, "a purely office building, with commerce on the ground floor".

As for the deadlines for the remodeling works, Ismael Clemente says that "these predictions are impossible to make when it comes to processing licenses with the Lisbon City Council".

The value of the investment, he advances, should amount to "about 40 million euros", although he indicates that "a correct estimate of costs can only be made when we have the project finished, which is not yet".