Miguel Bombarda, Lisbon




7,300 sqm

IRR Target


Rental Growth Achieved to Date


In Q4 2019, Avignon Capital identified an opportunity to acquire Miguel Bombarda 4 (MB4), an iconic office building in Lisbon with substantial upside potential.

This acquisition, on behalf of Fidera Limited, marked Avignon’s entry into the Portuguese market. Prior to the acquisition our team had spent considerable time in Lisbon to attain on the ground knowledge about this dynamic city, and it was evident there were significant opportunities to be unlocked in this market.

Relying on our then emerging ESG focus, the business plan was to carry out a refurbishment programme over 18-months to modernise the asset into a contemporary and sustainable workspace. Upon completion, the refurbishment to MB4 transformed the existing 9-storey property into one of the most highly specified developments in the city. It now boasts an impressive 65,100 sqft feet of world-class office accommodation.

Through the additional challenges of the Covid pandemic, Avignon worked closely with Fidera Limited and our local advisors (including accredited BREEAM professionals) to ensure that a high-quality, sustainable environment was created to enhance the well-being of all building occupants. Structurally, the building was in good order so the refurbishment focused on (but was not limited to); utilising the natural architectural attributes (i.e. honeycomb structure) wherever possible, full floor-by-floor retrofits, creation of common workspaces, façade upgrades, and a full upgrade of all M&E equipment and the creation of several common well-being spaces such as a cafeteria, gymnasium and bicycle park with toilets


MB4 has developed into an environmentally friendly, energy efficient building achieving BREEAM In Use Excellent rating, one of the few buildings in Portugal to achieve this standard. Some of the environmental-based highlights include:

  • Photovoltaic panels installed on the 9th floor rooftop, providing a clean alternate energy source for the building.
  • 3mm film placed on the south (street facing) façade, designed to keep the building cool. As a result, the internal building temperature is 7C lower, allowing the office space to reduce air conditioning (and thus energy) use very low. The film is also non-reflective (thus non-invasive to neighbours) and keeps the same quantity of natural light for the tenants (only 6% of natural light is lost).
  • Sanitary equipment (i.e. low-flow, controllable fixtures) that allow water savings estimated at more than 130,000 litres per year.


The pandemic put more focus than ever on building health and overall wellness. In order to convert MB4 into a vibrant hub that is open and encouraging, as well as safe and enjoyable to occupy, we undertook the following social initiatives:

  • Air Quality monitoring: Very important in terms of ensuring employee safety & comfort.
  • Parking for green vehicles with chargers, facilities for cyclists and electric mobility solutions on site.
  • Inclusive Design allowing mobility impaired access, i.e. removal of manual doors on the facade
  • Increased natural light and new collaborative workspaces.
  • Renovation of mural by local artist.
  • Installation of bike parking with shower facilities for use by occupiers.


Corporate Social Responsibility is embedded into Avignon’s DNA, and we are continuously enhancing the quality of procedures and our internal decision-making, particularly regarding progress toward ESG goals. At MB4, we have committed to the following governance-related actions:

  • Monitoring and evaluating asset-level ESG performance/KPI’s through the use of benchmarking tools (Measurabl)
  • Stringent tenant selection, whereby tenants must provide company-level ESG strategies and be fully transparent on their use of the space