Madrid 2,164 EUR 0,03 (+1,31 %)
Madrid 2,164 EUR 0,03 (+1,31 %)

ECONOMY| 21.06.2023

MAPFRE buys a building in Lisbon to serve as the headquarters of the Group’s operations in Portugal

Thumbnail user
  • MAPFRE Seguros (Gerais y Vida), MAPFRE Santander and MAWDY will move to Av. José Malhoa (Praça de Espanha-Sete Rios) from the summer of 2024.
  • The Group, through MAPFRE Inmuebles, continues to seek out investment opportunities in prime properties in the main European capitals.

MAPFRE has acquired a building in one of the main areas of Lisbon, which will be the headquarters of MAPFRE Group companies in Portugal. The purchase contract was signed recently, as part of a transaction brokered by real estate consultants JLL and Cushman & Wakefield.

The nine-story building located on Av. José Malhoa 13, in Sete Rios, Lisbon, currently occupied by another insurance company, will be fully renovated and modernized and, from the summer of 2024, will house the MAPFRE Group companies in Portugal: Seguros MAPFRE (Gerais y Vida), MAPFRE Santander and MAWDY. Around 400 employees will work in the same location, which will also house the brand’s flagship store at street level.

The building, which covers more than 4,700 square meters, is set to be updated in line with the latest trends in architecture and interior design, favoring collaborative and open-plan spaces, and adapting to the hybrid work models implemented by MAPFRE. The exterior facade of the building will also be given a facelift.

This acquisition and total refurbishment of this signature property, financed entirely through MAPFRE’s own resources, demonstrates the trust and commitment that the MAPFRE Group has in its Portuguese operation, today and for the future,” said Luis Anula, CEO of MAPFRE in Portugal.

MAPFRE, through MAPFRE Inversión, continues its search for investment opportunities in Europe. Since 2018, it has made numerous investments through real estate funds with the best partners, including Macquarie, Munich Re and Swiss Life, having recently acquired another asset in Paris with the latter. The investment philosophy is simple and constant: to look for prime office buildings in the main European capitals.

Situated in the heart of Lisbon, relocating to this new property marks a milestone in the history of the MAPFRE Group in Portugal. “We couldn’t miss out on the opportunity to acquire a building like this in such a central Lisbon location, with excellent access to public transportation, communication channels and cultural, health, educational and commercial amenities. We are looking forward to completely renovating and updating the property. Our main objective is to contribute to the satisfaction and motivation of our employees, but also to boosting the efficiency of the various Group companies by integrating our local teams and reinforcing MAPFRE’s identity and culture in Portugal,” said Luis Anula.