Square to Invest €200 Million in Properties in Portugal, Spain

Square Asset Management, the biggest Portuguese real estate fund manager, is boosting its planned investment in commercial property in Spain and Portugal this year to €200 million ($231 million) amid higher demand for office buildings and malls.

Lisbon-based Square, which has more than €2 billion in real estate investments, just completed the acquisition of an office building in Barcelona from Zurich Insurance Group for €44 million. That’s its biggest single-asset purchase in Spain, Chief Executive Officer Pedro Coelho said.