Tecnibuild and Legendre Developing Luxury Tower in Porto

31 January 2020 The Portuguese firm Tecnibuild and the French construction and energy group Legendre have joined forces to develop Porto’s latest luxury residential development in an investment of 26 million euros. The firms are currently constructing the new apartment tower in Porto, whose completion date is set for July 2021.

The 98-flat development is located on Alameda da Antas, overlooking the Dragão football stadium. Those flats, which run from one-bedroom apartments to five-bedroom penthouses, have prices that start at 178,500 euros. Réplica is in charge of sales.

Original Story: Jornal de Negócios – António Larguesa

Translation/Summary: Richard D. Turner

FS Capital Acquires Lisbon’s Malhoa 14 from Profile SGFI

31 January 2020 FS Capital has acquired the Edifício Malhoa 14 in Lisbon from Profile SGFI for an undisclosed amount. The building, located on Avenida José Malhoa 14, close to Praça de Espanha and Sete Rios, has more than 4,300 square meters of office space, along with 97 parking spots. The buyer intends to renovate and upgrade the asset to make it more attractive to Portuguese and international firms looking for space in Portugal’s capital.

Original Story: Idealista

Translation/Summary: Richard D. Turner

Vanguard Properties Begins Work on the Infinity Tower

30 January 2020 Mota-Engil has begun work on Vanguard Properties’s new development: the Infinity Tower. The 195-flat apartment block, located in the Campolide area of Lisbon, will have 26 above-ground floors and is expected to be ready in mid-2022.

The project will have 50,000 square meters of construction area, in an investment of more than 90 million euros. Initial sales prices will run from €4,200 to €9,200/m2.

The architectural firm of Saraiva+Associados designed the building, which will have an outdoor swimming pool on the 24th floor, an indoor swimming pool for adults, another for children, two rooms for events, a well-equipped gym, a spa, meeting rooms and an interior patio with extensive gardens and paddle tennis court.

Original Story: Diário Imobiliário

Translation/Summary: Richard D. Turner

Porto Editora Acquires 400-M2 Store in Lisbon for €7.2 Million

28 January 2020 The Porto Editora group has acquired a street-front store in the neighbourhood of Chiado, in Lisbon, for 7.2 million euros. The 400-m2 property set a record for sales of street-front stores, with a price of 18,000 euros/m2. The firm also controls the publisher Livraria Bertrand, whose bookshop in Chiado is known as the oldest bookshop in the world.

Original Story: Dinheiro Vivo – Ana Sanlez

Photo: (Paulo Spranger/Global Imagens)

Translation/Summary: Richard D. Turner

Mitiska Acquires Four Shopping Centres in Portugal from Blackstone

27 January 2020 The Belgium Mitiska REIM, one of the largest investors in shopping malls in Europe, has acquired four shopping centres in Portugal from Blackstone in a deal reportedly worth approximately 40 million euros. The assets include the Alverca Retail Park, Santarém Retail Park, Aveiro Retail Park and the Lima Retail Park (Viana do Castelo). Mitiska REIM acquired the properties on behalf of the First Retail International 2 fund. The firm had already bought the Parque Mondego Retail Park, in Coimbra, and the Focus Park Canidelo in Vila Nova de Gaia two years ago.

The four shopping centres have a total gross leasable area (GLA) of approximately 78,500 square meters, increasing the firm’s total GLA in Portugal to 116,100 square meters.

Original Story: Economia Online – Paulo Moutinho/Rita Neto

Translation/Summary: Richard D. Turner

Construction Begins on the Ombria Resort in the Algarve

27 January 2020 The first phase of construction on the Ombria Resort, located seven kilometres from Loulé, in the Algarve, began at the end of last year. The Finnish group Pontos intends to invest a total of 260 million euros to build the 153-hectare development by 2030.

The first part of the project, an investment of approximately 100 million euros, is slated for completion in 2022. The works include the resort’s basic infrastructure, the Viceroy Residences and the 5-star hotel Viceroy at Ombria Resort, a conference centre and about 95 other residential units. Furthermore, an 18-hole golf course has already been completed.

The Viceroy Residences at Ombria Resort will consist of 65 one-to-two-bedroom tourist flats alongside the hotel Viceroy at Ombria Resort. The latter will include 76 rooms and suites, six restaurants, swimming pools, a spa, gym, kids club and astronomical observatory.

The owners of flats will have guaranteed return on their investment, through rentals, of at least 5% per annum for the first five years, while access to use the flats for 70 days each year. The flats run from 70 to 173 square meters and are currently on sale for between 300,000 and 850,000 euros.

Original Story: Idealista – Frederico Gonçalves

Translation/Summary: Richard D. Turner

Vía Célere to Build 60-Flat Portodouro Residence

22 January 2020 The Spanish developer Vía Célere has obtained financing to build the new development Célere Portodouro, in the Boavista area of Porto. The firm chose Predibisa and JLL to market the new housing development, which is located at the corner of Rua de Grijó and Rua Orfeão do Porto, in Lordelo do Ouro.

The Célere Portodouro will be a closed condominium composed of 60 one to three-bedroom flats. The building will have six above-ground floors, along with allocated storage and parking for each flat. The Célere Portodouro will also include a gym, a game room for kids and gardens.

Original Story: Diário Imobiliário

Translation/Summary: Richard D. Turner

Algarve Holds on to Title as Europe’s Leading Golf Destination

22 January 2020 The readers of the popular golfing publication Today’s Golfer have named the Algarve as the Best Golf Destination in Continental Europe for the fourth consecutive year. The region has now won a total of nine awards since the magazine began its surveys in 2011.

The Algarve, which is the home to 43 different golf courses, is no stranger to winning awards in the golf industry. The region also won the IAGTO Worldwide Golf Destination of the Year for 2020 in October.

Original Story: Essential Business

Summary: Richard D. Turner

Mortgage Rates Fall in December

22 January 2020 Average mortgage rates fell by 0.6 basis points to 1.011% from November to December, according to the National Statistics Institute (INE). For mortgage contracts signed in the last three months, the average rate dropped from 1.086% to 1.065%.

At the same time, the average monthly mortgage payment increased by two euros to €248. For contracts signed in the last three months, the average payment rose by 29 euros to 365 euros.

Original Story: Jornal Econômico – Rodolfo Alexandre Reis

Photo: Cristina Bernardo

Translation/Summary: Richard D. Turner

Norfin to Invest €200 Million in the Metropolis Development

20 January 2020 Norfin announced that it would invest 200 million euros to build the new Metropolis development in Lisbon. The firm had previously acquired the project from the Multi Corporation. The real estate manager, a subsidiary of the Arrow Global Group, intends to build a more than 80,000-m2 mixed-use development in the area of Alvalade.  

The development, on the grounds of the former stadium, will include four new class-A office buildings, with a total of 37,600 m2, three apartment blocks with 30,250 m2 and more than 200 flats. The area will have house 11,100 m2 of stores and services, with construction set to begin at the end of the year.

Original Story: Jornal Econômico – Rodolfo Alexandre Reis

Translation/Summary: Richard D. Turner