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Akeler Sells Lisbon Investment

LISBON-Akeler, the European business space arm of Security Capital, has sold 13 office buildings on its Quinta da Fonte business park near Lisbon.

By Graham Parker | Updated on June 08, 2001

LISBON-Akeler, the European business space arm of Security Capital, has sold 13 office buildings totalling 441,000 sf on its Quinta da Fonte business park near Lisbon for euro130 million ($112 million).

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.

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