land Assets News: Portuguese Real Estate Intelligence

RICS - the World's Leading Professional Association in the Construction and Real Estate Sectors
5 March 2021 - Ana Custódio A Real-Life Master Class under the theme “The RICS and the International Standards”, organised by ISCTE, Instituto Superior de Ciências do Trabalho e da Empresa, took place this week on Tuesday. Conducted online, the Master Class presented an overview of RICS’s (Royal Institution of Chartered Surveyors) activities in Portugal, the importance of international standards for the real estate sector during the Covid-19 pandemic, the nature of the process for becoming a member of the institution and the importance of being one. The event was helmed by Gonçalo Nascimento Rodrigues and counted with the participation of José Covas, both President of RICS in Portugal and Head of Portugal at Aura REE, and Eulalia Pensado, Partner Development & Public Affairs Manager Iberia, RICS. According to Eulalia Pensado, “It’s not enough to be working in a company [in the sector]. To be a member of RICS, one must take the RICS admission test.” The Partner Development & Public Affairs Manager Iberia, RICS, then began by explaining that the Royal Institution of Chartered Surveyors is a regulatory body founded in 1792 by twenty Surveyors (a construction group to regulate the sector). The institution is defined by high standards of ethics, professionalism and knowledge and its members are admitted through entrance exams, known as APCs. RICS is the largest and most venerable professional association in the field of construction and real estate, and, according to José Covas, “RICS has evolved a lot and this last year was no exception, 2020 was a critical and decisive year for RICS.” Currently, the institution has 134,000 certified professionals worldwide. With many investors seeking membership in the association, Mr Covas noted that “in the 15 years that it has been most active, [RICS] was one of the first in Europe to organise itself. This is the most heterogeneous board that exists, covering the various areas; we have valuers, project-management, construction area, planning and research and residential area (real estate mediation).” As RICS has considerable ability to cover various areas, and its aims for valuations to be a lesser part of that, given the growth of the other areas of activity within RICS, and its extensive international recognition. Being a RICS member is considered a letter of introduction for any client, according to Eulalia Pensado and José Covas, allowing the application of a set of standards in every country in the world. Translation: Richard Turner
Corum Investments Raised over €500m in 2020
19 February 2021 Corum Investments announced that its funds raised €509 million from 11,000 new clients last year. CORUM Origin and CORUM XL are marketed in Portugal and posted gains of 6% and 5.66%, respectively. Corum Investments, which has been in Portugal since 2019, largely escaped the effects of the pandemic. The investment manager stated that the "impact of Covid-19 on rents was marginal, reducing the annual profitability of Corum Origin by just 0.08% [to 6%] and that of Corum XL by only 0.04%", for an annual return of 5.66%. Occupancy rates at the sites managed by both funds also remained at a "high level (financial occupancy rate of over 98%)." Original Story: Eco Sapo - Rita Robalo Rosa Translation: Richard Turner
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