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Global real estate consultant Cushman & Wakefield (C&W) announced the sale of the position on Espace e Explorer office buildings on behalf of TMW Immobilien Weltfonds, a fund managed by TMW Pramerica Property Investment GmbH a subsidiary of Pramerica Real Estate Investors, to Swiss investor AFIAA.

The two buildings, designed by well known Architect Mário Sua Kay, are located in Alameda dos Oceanos, one of the main streets of Parque das Nações, close to the Tagus River, to the Lisbon international fair precinct, Centro Vasco da Gama and the Oriente train station.

Espace building has circa 10.000 m2 GLA and 250 car parking units, while Explorer building totals circa 5.000 m2 GLA and 108 car parking units. Explorer building incorporates a kinder garden and a restaurant.

Cushman & Wakefield acted on behalf of the fund managed by Pramerica on the sale of the interest on the said buildings. Luís Rocha Antunes, partner e head of the C&W investment department in Portugal, and António Camilo-Alves, senior surveyor within the same department, were the key consultants leading this operation.

“This is truly the first arms length, open market investment transaction initiated and concluded in 2013 to a foreign investor, marking the market comeback to investment transactions to the real estate market” says António Camilo-Alves “This is significant as it establishes a base for trust and the rationale for defining pricing and the discipline an international investor should consider”.

Alexander Knothe, portfolio manager of TMW Immobilien Weltfonds, comments “Pramerica is one of the largest international investors present in Portugal. We are pleased with the sale in the light of the overall goals of the liquidation of the fund”.

According to Martin Brendel, from AFIAA, “This acquisition is part of AFIAA’s global deployment of capital worldwide, looking to apply our shareholders capital in prime assets, with secure income, and a return level which accommodates for the country’s specific risk. AFIAA continues to seek attractive investment opportunities in Portugal with the aim to build a portfolio of 2 – 3 assets during the course of the next few months”.

Cushman & Wakefield is also the property manager of the buildings.

For further information, please contact:

Filipa Mota Carmo
Cushman & Wakefield
Telef: +351 21 321 95 48
Fax: +351 21 343 21 17

Notes to Editors:

Cushman & Wakefield is the world’s largest privately‐held commercial real estate services firm. The company advises and represents clients on all aspects of property occupancy and investment, and has established a preeminent position in the world’s major markets, as evidenced by its frequent involvement in many of the most significant property leases, sales and management assignments. Founded in 1917, it has approximately 250 offices in 60 countries, employing more than 16,000 professionals. It offers a complete range of services for all property types, including leasing, sales and acquisitions, equity, debt and structured finance, corporate finance and investment banking, corporate services, property management, facilities management, project management, consulting and appraisal. The firm has nearly $4 billion in assets under management globally. A recognized leader in local and global real estate research, the firm publishes its market information and studies online at

AFIAA is an investment foundation under Swiss law, focusing exclusively on investment properties abroad. AFIAA offers tax-exempt Swiss pension funds an attractive, clear-cut investment tool with which to expand their portfolios in a target-oriented manner. AFIAA is represented in Zurich, Munich, Vienna, Madrid, New York and Sydney. The portfolio currently includes 30 direct investments with sustainable growth potential in North America, Europe and Australia. The total investment volume is over CHF 1.3 billion.

The investment company TMW Pramerica Property Investment GmbH is a subsidiary of Pramerica Real Estate International AG ( Pramerica Real Estate Investors, which operates as Pramerica Real Estate International AG in Germany, is a leader in the global real estate investment management business, offering a broad range of investment vehicles that invest in private and public market opportunities in the United States, Europe, Asia, and Latin America. Headquartered in Madison, N.J., Pramerica has offices in Atlanta, Chicago, New York, San Francisco, Miami, London, Lisbon, Luxembourg, Munich, Paris, Abu Dhabi, Mexico City, Sao Paulo, Beijing, Hong Kong, Seoul, Singapore and Tokyo. In addition, Pramerica Real Estate Investors AG has a representative in Milan and is establishing a presence in Sydney (pending regulatory approval). As of June 30, 2013, the company managed about EUR 6.6 billion in gross real estate assets, EUR 4.4 billion net on behalf of more than 490 clients worldwide and ranks among the largest real estate investment managers.