(Bloomberg) -- Novo Banco SA has shortlisted bidders for the sale of its headquarters in Lisbon, which could be valued at more than 100 million euros ($105 million), people familiar with the matter said.

Vanguard Properties, one of Portugal’s biggest developers, is among several suitors selected to submit binding offers for the building, the people said, asking not to be identified discussing confidential information. 

A representative for Vanguard Properties declined to comment, while a spokesman for Novo Banco didn’t immediately respond to a request for comment. 

Novo Banco’s HQ is located alongside Avenida da Liberdade, a boulevard lined with gardens, ornately tiled sidewalks and luxury shops that’s considered the Champs-Elysees of Lisbon.

The sale of the building is taking place amid growing demand for commercial real estate in Portugal, following an end to almost all Covid-19 pandemic-related restrictions in the country. Commercial property investment there is expected to rise by about a third to more than 3 billion euros this year, fueled mostly by foreign buyers, according to CBRE.

Novo Banco, controlled by private equity firm Lone Star, has been shedding certain non-core assets to offset the impact poorly-performing loans on its capital base. The Portuguese lender plans to move its main offices to a business hub near Lisbon.

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