Month: May 2019

Farfetch Moves Operations to Boavista Office Centre

31 May 2019 – Richard D. K. Turner

Farfetch, an online luxury fashion retail platform that sells products from over 700 boutiques and brands from around the world, announced that it had moved about 500 employees from its previous offices at the Lionesa business centre to the Boavista Office Center, in ​​Porto. The company took over 8,500 square meters of offices in the newly renovated Boavista Office Centre. The move, however, is seen as a temporary measure, as Farfetch is seeking to centralise its operations at new site in Matosinhos.

JLL provided consulting services for the deal to Farfetch, and Cushman & Wakefield worked with the owner of the property, Atitlan Real Estate. Though no details of the operation were disclosed, rentals in the building are thought to cost 14.75 euros/m2/month.

Original Story: Idealista

Photo: JLL / C&W

Quinta do Algarvio Village to Open in the Algarve

31 May 2019 – Richard D. K. Turner

The Carvoeiro Clube Group is building the Quinta do Algarvio Village in Carvoeiro, the Algarve. The resort, which the developer is building on an ​​18,000 m² plot of land, will comprise 32 accommodation units surrounded by large gardens, and include a heated saltwater pool and a freshwater swimming pool for children.

The architectural firm Studio Arte and interior design studio LemonVariance are leading the project, in which every home will have a distinct design.

Original Story: Diário Imobiliário

Goldman Sachs in Talks to Acquire B&B Hotels

31 May 2019 – Richard D. K. Turner

Goldman Sachs, an American investment bank, is in talks to acquire B&B Hotels. The French-owned hospitality group’s portfolio includes eight hotels in Portugal.

According to an article in the Jornal de Negócios, PAI Partners, which controls B&B, is in talks with Goldman and expects to conclude an agreement during the second semester of 2019 for an estimated 2 billion euros. PAI acquired B&B in 2016, for €790 million.

Since its first investment in Portugal, the B&B Hotel Cantanhede Coimbra, the French group has invested 70 million euros to expand its footprint in the country, opening a total of eight hotels. In total, B&B has approximately 486 hotels around the world, generating revenues of 580 million euros in 2018.

Original Story: Jornal de Negócios

Maiar to Convert Factory in Covilhã into Student Housing

31 May 2019 – Richard D. K. Turner

Maiar, a developer that is backed by Portuguese and international investors, acquired the former textile factory Francisco Alçada, a derelict property in Covilhã. The developer is planning on creating a Portugal-wide network of university residences, according to an article in Dinheiro Vivo.

The former factory, which is located in the interior of Portugal, east of Coimbra, will house approximately 250 students at the University of Beira Interior by September 2020. A presentation of the project stated that the development would include common areas, study rooms, a gym and services such as laundry and cleaning.

Original Story: Dinheiro Vivo / Lusa

New Residential Construction Soars

31 May 2019 – Richard D. K. Turner

According to data published by the Association of Civil Construction and Public Works Industries (AICCOPN) showed that 5,887 new residential developments were licensed in the first quarter of 2019, an increase of 27.9% year-on-year.

In Lisbon alone, the number of new licensed builds, in the 12 months up to March 2019, reached 4,305, up 35.4% compared to the year before (3,180). Flats with three or more bedrooms accounted for 68.4% of the total.

Original Story: Idealista

Hotel Occupancy Fell in Portugal in March

30 May 2019 – Richard D. K. Turner

According to an article in Publituris, hotel occupancy surprised on the downside in March, as relatively warm temperatures had boosted expectations for increased growth. The occupancy rate fell by 1.2 percentage points to 63%. The average price per available room also fell by 1%, while the average price per occupied room rose slightly (15) to 77 euros, according to AHP Tourism Monitors. The regions with the highest occupancy rates were Madeira (70%), Lisbon (69%) and Greater Porto (56%).

Original Story: Publituris

Montijo Retail Park Inaugurated

28 May 2019 – Richard D. K. Turner

The Montijo Retail Park, which is owned by Commerz Real and managed by Multi Portugal, is already open to the public. The shopping centre has 18,000m2 of gross leasable area, including six large and medium-sized commercial units with areas ranging from 1,000 to 9,000 m2. Conforama, Leroy Merlin, Espaço Casa, and Guimarães Footwear are among the first tenants, and Sports Direct will open a 1,800m2 store in July and the mall will be fully operational by September.

Original Story: Diário Imobiliário

 

Quinta do Paço da Serrana To Be Converted into 4-Star Hotel

25 May 2019 – Richard D. K. Turner

The Quinta do Paço da Serrana, which overlooks the Douro in the village of Boassas, the district of Viseu, will be converted into a 4-star hotel, after a favourable decision by the local municipal assembly at the end of last year. The municipal government entered into a 50-year concession agreement with Porto Antigo – Sociedade Turística to redevelop and manage the new hotel.

The 19-hectare farm, which has been abandoned for decades, will be called the Hotel Serpa Pinto, named after a famous Portuguese explorer who roamed southern Africa at the end of the 19th century. The new 4-star hotel will have 190 rooms, a restaurant and a wine bar. According to an article in the Diário Imobiliário, the hotel is expected to be open to the public in the summer of 2022.

Original Story: Diário Imobiliário

Emerging Tourism Markets See Significant Growth

25 May 2019 – Richard D. K. Turner

According to Savills’ latest report on hospitality trends in Europe, cities such as Dublin, Lisbon and Madrid, and alternative operating structures, such as non-leased operating structures, offer higher income opportunities for investors willing to take more risks.

According to Savills, while well-established tourist cities like London and Paris account are the destination of choice for a large contingent of international travellers, smaller, emerging cities are seeing the highest levels of growth. Growth has been significant in Lisbon, Bucharest, Budapest and Prague over the past three years, coupled with increasing levels of interest in such destinations, as evidenced by travel-related Google searches.

In 2018, Portugal played host to more than 21 million domestic and international tourists, bringing in revenues of approximately 3.6 billion euros, an increase of 6% year-on-year. Lisbon was also named the Best Destination City of the World and Best Destination of City Break by the World Travel Awards last year.

Original Story: Construir

 

Average Price Per Square Meter Reaches €2,216 in Historic Porto

25 May 2019 – Richard D. K. Turner

According to an article in the Jornal Econômico, homes in the historic centre of Porto sold at an average price of 2,126 euros per square meter in 2018. The data, compiled by Confidencial Imobiliário, concerns homes with areas of up to 500 m2. Meanwhile, the average price in Campanhã reached 1,559 euros per square meter, while the price per square meter rose to 1,903 euros in the Baixa area.

Original Story: Jornal Econômico – Rodolfo Alexandre Reis