The buildings are let to international companies including Ericsson, Microsoft, Cisco, Atofina, Nokia, GE Capital and SAP producing euro10 million ($9.25 million) in rent. The purchaser is Europroperty, a DM2.8 billion ($1.2 billion) fund made up of 10 German insurance companies and managed by Oppenheim Immobilien Kapitalanlagegesellschaft.

Akeler has been developing Quinta da Fonte on a 30 acre site eight miles to the west of Lisbon since 1993. With 140,000 sf currently under construction, the park is on target to reach a capacity of 900,000 sf. Other occupies include Hewlett Packard, Merck Sharp and Dohme, Nike, Bristol Myers Squibb, Open, Procter & Gamble and Disney.

Akeler's Chief Executive, Trevor Silver, said: 'The sale of these properties and the reinvestment of the proceeds is part of our pan-European strategy of developing high quality business parks across the continent.'

Macquarie Capital Partners and Healey & Baker advised Akeler.

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