land Market News: Spanish Real Estate Intelligence

Novo Banco to Sell Herdade dos Pinheirinhos to VIC Properties
8 January 2020 Novo Banco will sell the Herdade dos Pinheirinhos to VIC Properties, an Austria-based real estate investment firm. According to an article in the Jornal Econômico, VIC is expected to pay less than 80 million euros. Portugal’s Resolution Fund needs to approval sale, as the Contingent Capital Facility covers the asset. The Pelicano Group designed the project for the property and invested approximately 167 million euros in the development of two hotels, three villages, four aparthotels and a golf course. The failed bank BES funded the project, which led to its eventual liquidation. O Novo Banco venderá a Herdade dos Pinheirinhos à VIC Properties, uma empresa de investimento imobiliário com sede na Áustria. Segundo um artigo no Jornal Econômico, a VIC deverá pagar algo menos do que 80 milhões de euros. O Fundo de Resolução de Portugal precisa aprovar a venda, pois o Mecanismo de Capital Contingente cobre o ativo. O Grupo Pelicano desenhou o projeto para a Herdade e investiu aproximadamente 167 milhões de euros no desenvolvimento de dois hotéis, três aldeias, quatro apart-hotéis e um campo de golfe. O banco falido BES financiou o projeto, o que levou à sua eventual liquidação. Original Story: Jornal Econômico - Maria Teixeira Alves & António Vasconcelos Moreira Translation/Summary: Richard D. Turner  
Rota Própria Acquires Arco Têxteis in Santo Tirso for €4.5 Million
17 December 2019 – Rota Própria, a joint venture equally owned by four companies from Guimarães - Garcia and Garcia, Alfredo & Carlos, Imoaresta and Zafgest, and Porto Gumaal has acquired the former Arco Têxteis, in Santo Tirso. The deal, which includes about ten hectares of land, was finalised for 4.5 million euros. The firm will convert the facility, which is in the centre of the city of Santo Tirso, to a mixed-use development with stores, services, homes and other facilities. The land has a gross surface area of 100,000 square meters and 50,000 m2 of constructed area. Mercadona and McDonald's have already agreed to lease space in the new development. Founded in February 1923, Arco Têxteis was one of the largest and most important textile industries in Vale do Ave, employing 1,500 people. Rota Própria announced that it would invest 40 million euros in the project, creating more than 500 jobs. Original Story: Jornal de Negócios - Rui Neves Adaptation/Translation: Richard D. K. Turner
Cerquia and Acciona of Spain to Build 1000 Homes in Lisbon
21 November 2019 - The Spanish developers Cerquia and Acciona announced plans to jointly develop 1,000 new homes in Lisbon, in four new developments. Cerquia has already been active in the Portuguese real estate market for 13 years. Alcântara Rio 2, which is located to the vacant Alcântara Rio residential and commercial condominium, will comprise a 74-flat apartment building. Cerquia acquired the property from Millennium bcp, which took it over from the Portuguese construction company Obriverca. Construction should start in the second half of 2020. Cerquia and Acciona are also planning to build an 800-home development, 300 of which will be rentals, near Parque das Nações. The other two will be in Graça (100 homes) and Alcântara (18 lofts). Original Story: Idealista Adaptation/Translation: Richard D. K. Turner