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land Market News: Spanish Real Estate Intelligence

Novo Banco Liquidates Imovalor After Sale of Last Asset

27 July 2019 – Richard D. K. Turner

Novo Banco has liquidated its Imovalor fund after selling its last asset, a plot of land with more than 21,000 square meters in Campo Pequeno. The fund sold the property, which is located on Lisbon's Avenida Sacadura Cabral, near number 40, in November to Roundhill Capital and TPG Real Estate for 36 million euros.

The property in Campo Pequeno has a total of 21,450 square meters and comes with approval for the construction of an allotment with approximately 39,000 square meters of above-ground surface area. The buyers are looking to move forward with a mixed-use development, including a 390-bed student residence and 250 flats.

After the fund’s liquidation, the proceeds of the sale were transferred to Novo Banco.  

Original Story: Jornal de Negócios - Rita Atalaia

 
Teixeira Duarte Teams Up With Chinese Firm to Develop Project in Oeiras
25 July 2019 – Richard D. K. Turner Teixeira Duarte sold 50% of one of its subsidiaries, TDE - Empreendimentos Imobiliários, to China Construction Portugal, for 31.1 million euros, the company revealed in a statement sent to the Securities Market Commission (CMVM). The project is slated to include office, residential and commercial buildings in Oeiras on land owned by Teixeira Duarte. The sale is expected to have a net impact of approximately 22.2 million euros on Teixeira Duarte's results. Original Story: Economia Online - Rita Neto    
 
Coast Between Lisbon and Oeiras to Undergo Major Redevelopment
23 July 2019 – Richard D. K. Turner The Portuguese state, together with private investors, will redevelop the region between Pedrouços and Cruz Quebrada. The area, totalling 64 hectares, will see the creation of a marina, research centres, a hotel and restaurants. The entities will invest 300 million euros in the coming decade. Most of the investment will be private (219 million euros), 25% will result from public-private partnerships (76 million euros), while the state provide five million euros, equal to 2% of the total. The redevelopment will occur in three phases. First, 117.9 million euros will go towards building laboratories for the Portuguese Institute of Sea and Atmosphere (IPMA), temporary residences for researchers and research centres, restaurant areas, buildings for companies and the future Marina de Pedrouços. On these, the government believes construction will end by 2022. The next two phases will include a hotel, another marina, a business school and additional research centres, with a target completion date in 2030. Original Story: Economia Online - Rita Neto