Lisbon City Council Acquires Property from Armed Forces for €12.3 Million

27 January 2021

The municipality of Lisbon has acquired a building in the Beato area of Lisbon from the Portuguese army for 12.3 million euros. Located in the South Wing of the former Military Maintenance Unit, it comprises several buildings and a 32,000 square meter plot of land.

The agreement was authorised at the end of 2020 by the Ministry of Finance and the Ministry of Defence. The Lisbon City Council is looking to develop a cultural, technological and tourism hub, called the Beato Creative Hub.

In 2016, Lisbon City Council had reached an agreement to use the property for 7.3 million for 50 years. However, Beato Creative Hub’s partners at the time displayed some reservations in investing in a state-owned property. As a result, the municipality opted to acquire the site. The City Council will pay the difference after the Directorate General of Treasury and Finance valued the property at €12.3 million.

Original Story:  Jornal Económico – André Cabrita Mendes

Photo: Hub Criativo Beato

Translation: Richard Turner