Tishman Speyer, a real estate developer, owner, operator and asset manager, has acquired a new office asset located in Lisbon via the Tishman Speyer European Core Fund (TSEC). The company has also signed a EUR28 million seven-year community-impact linked real estate financing with Crédit Agricole CIB.
Currently the Portuguese headquarters of multinational advertising agency WPP, the former automobile showroom is located on Lisbon’s vibrant riverfront neighbourhood and benefits from vast and stunning views over the river Tagus and the city. Completely stripped in 2008 to become a hotel, the building was left in poor condition but was later reinvented by WPP with a bespoke design concept promoting flexibility and openness.
The credit facility includes an innovative social impact feature whereby the bank partially waives its remuneration and Tishman Speyer makes a matching contribution to a selected Lisbon-based charity on an annual basis.
This innovative partnership is the third of its kind for Tishman Speyer and its TSEC Fund, a fund promoting environmental and sustainable characteristics under Article 8 of the European SFDR regulations. It will build on numerous positive ESG initiatives undertaken by the group in recent years and make a positive contribution during a challenging Covid environment in Europe. The total amount will be funded in equal parts by TSEC and Crédit Agricole CIB.
Philippe Joland, Senior Managing Director and Martin Simonneau, Managing Director at Tishman Speyer, says: “As the tallest building within the neighbourhood, this building’s views give the impression of literally floating above Lisbon – its roof terrace was actually designed as an important common space with sensational views of the surrounding area, a critical feature for next-generation offices.
The inclusion of this innovative solidarity feature for the third time in 2021 is another example of the significance we place on supporting communities at the foot of truly exceptional buildings. We are very grateful to Crédit Agricole CIB for their continued support and are glad to reinforce the strong and sustainable relationship we have built over the years.”
Source: www.propertyfundsworld.com on 6th of July