offices Market News: Spanish Real Estate Intelligence

Avenue to Begin Work on Second Building in EXEO Campus
28 July 2020 – The Portuguese developer Avenue will begin work next month on the second office building in its EXEO Office Campus development, in Parque das Nações, Lisbon. Designed by Broadway Malyan, the 11-floor building, called Aura, will have 16,464 m² of offices, 140 parking spaces, and 48 spaces for bicycles. It will also include 320 m² of shops and public green spaces. Work will begin about six months after the launch of the first phase of the project when construction began on infrastructure and the first and largest building, the Lumnia. Of the overall investment of approximately 190 million euros, €150 million will go into the first phase of work. The EXEO Office Campus will consist of three buildings, along with 13,000 m² of gardens, 70,000 m² of offices, 688 parking spaces, 176 spaces for bikes, changing rooms, terraces, and shops, among which will be a mini-market, food market, coffee shop and fitness centre. Original Story: Vida Imobiliária - Susana Correia Translation/Summary: Richard D. Turner
Nelson Quintas Invests €16.5 Million in Porto
28 July 2020 – The Nelson Quintas group is building two structures on Rua Manuel Pinto de Azevedo, an office building and a parking tower. The firm also recently opened the São Bento Residences, the controversial tourist project located next to Porto's iconic railway station, in a total investment of 16.5 million euros. The two new buildings will host offices, shops and parking for 175 vehicles, in an investment of 12.5 million euros. It will be located on Rua Manuel Pinto de Azevedo, across from Avenida Antunes Guimarães. Architects have designed a glazed office building, which will have a gross leasable area of 2,600 square meters. On the other side of the city, the €4-million São Bento Residences was built on Avenida D. Afonso Henriques, a few meters away from Avenida dos Aliados, the Sé Cathedral and the Luís I bridge. Located right next to the São Bento Railway Station, at the intersection between Rua do Loureiro and Avenida D. Afonso Henriques, the project sought to create "a conceptual connection between the 18th and 21st centuries." Designed by Nuno Grande, the São Bento Residences is composed of 16 short-term rental flats, including studios and one-bedroom units. The restaurant The Good Burger, a hamburger chain owned by the Spanish group Restalia, operates on the ground floor. Original Story: Jornal de Negócios - Rui Neves Translation/Summary: Richard D. Turner
AUMs at Portugal’s Real Estate Funds Fall Slightly
28 July 2020 – Portuguese Real Estate Investment Funds (FII), Special Real Estate Investment Funds (FEII) and Property Management Funds (FUNGEPI) had €10.435 billion in assets under management as of last month, a fall of 0.08% m-o-m. According to the Securities Market Commission (CMVM), the amount invested in FIIs remained practically unchanged at €7.632 billion, while AUM in FEIIs fell 0.23% to 2.435 billion euros and by 0.2% in FUNGEPIs. Original Story: Idealista Translation/Summary: Richard D. Turner