Month: October 2022

#Brainsflash – To highlight during the past week, the arrival of Montepino in Portugal with an investment of around 150 million euros in the acquisition of land in Lisbon.

October, 31, 2022

With the month of October coming to an end, the past week was very active in terms of investments and announcements, which proved to be quite significant and extremely important in the real estate market.

At the beginning of the week, it was announced that Explorer Investments and Pedro Seabra had acquired the real estate fund manager Refundos SGOIC, S.A. from Rivercrown Real Estate Management. This operation will allow for the reorganization of the Explorer’s real estate business area, which is now managed by the company Refundos Explorer.

Meanwhile, it became public that VIC Properties has put the assets of Matinha and Herdade do Pinheirinho for sale. The two assets, previously mortgaged to NovoBanco, had been purchased by VIC Properties from this bank in 2019 and 2020 respectively. The Prata Riverside Village project, located in the eastern part of Lisbon and whose construction is almost completed, was also put up for sale. VIC Properties hired Alantra to advise on the sale of the three real estate projects.

Halfway through the week it was announced that the Portuguese furniture and decoration group Laskasas had launched its first real estate project, with the construction of its first residential project. Located next to Mercado do Bolhão, this is the first of 8 projects with a total investment of around 18 million euros.

Meanwhile, Azora Capital acquired The Lodge Hotel in Vila Nova de Gaia. The luxury five-star hotel, built on the former warehouses of Real Companhia Velha in the riverside area of ​​Vila Nova de Gaia, was sold by Pluris Investments to Spanish Azora Capital which, with this operation, reached its fifth acquisition in our country.

With the week ending, Montepino’s logistics portfolio managers, Bankinter Investment and Valfondo, have announced Montepino’s first international project, with the acquisition of land in Lisbon, in an investment of around 150 million euros. The asset, with an area of ​​almost half a million square meters, is fully licensed and construction is expected to begin later this year.

 

 

#Brainsflash – Last week’s highlight has been the launch of Lisbon Heights by Norfin and Castle Capital

October, 24, 2022

With the month of October almost coming to an end, last week was full of news and investments in some segments of the real estate market. Of note was the office segment with some announcements all over the country.

At the beginning of the week, it became known that Mota-Engil ATIV, a new brand in the universe of the Mota-Engil Group, chose the Alverca Park to establish its new offices. The company will occupy an area of 1.700 square meters, corresponding to the entire 2nd floor of Block A (owned by Mitiska REIM), thus becoming the largest occupant of the building.

Meanwhile, Cofidis has inaugurated its new headquarters at Natura Towers, located in Lumiar, in Lisbon. The Natura Towers denote a new phase for the company in Portugal and exhibit three strategic axes: sustainability, transformation and openness to the outside world. The operation represented an investment of 46.5 million euros.

Soon after, VGP, a pan-European company that promotes and invests in high-quality logistics and semi-industrial parks, has laid the first stone for the construction of VGP Park Loures. The value of the investment, comprising the acquisition of land and works, is around 30 million euros. VGP Park Loures marks the arrival of VGP in Lisbon, after the Group’s entry into Portugal in 2019. This is VGP’s first project 100% dedicated to Last Mile logistics. The project is already 100% leased to DPD and DHL.

In the middle of the week, Grupo Violas Ferreira has announced the acquisition of Sovena’s headquarters in Arquiparque, the renowned office park, located on the fringe of the A5, in Miraflores, at the entrance to Lisbon. The building was sold by MelloRDC, through its subsidiary Arquimelo, to Grupo Violas Ferreira. Sovena, the world’s leading company in the olive oil sector, which has been occupying the building since 2012, with a lease in force until 2030, will remain in the property. The asset totals around 3.500 m2 of offices spread over six floors, to which there are 62 parking spaces. The value of the investment is around 8 million euros.

Further north, Interfundos has sold two office buildings in Gaia and Porto. These are the Via Gaia and Júlio Dinis buildings, both located in the Porto Metropolitan Area. The new owners are the Fortera Group and the Horizonte Urbano Group. The investment value has not been disclosed.

At the end of the week, Norfin and Castle Capital launched Lisbon Heights in an investment of 41 million euros. Construction is starting this month and is scheduled for completion in December 2024. The new private condominium already has 35% of the units reserved, resulting from private sales. Located in an old farmhouse in Alta de Lisboa, Lisbon Heights aims to be the capital’s new haven, combining the traditional old style of the existing buildings with the modernism of the project’s lines, where green is present in 6.000m2. The exclusive private condominium will occupy an area of about 20.000 m2 and consists of 95 units, divided between 13 villas from V1 to V5, and 82 flats, from T0 to T4, as well as 7 commercial spaces.

#Brainsflash

October, 17, 2022

The second week of October started very calmly with regard to news in the real estate market. However, in the middle of the week, big announcements began to turn up, with emphasis on the presentation of the real estate development “Campo Novo”, in Lisbon, in an investment of around 300 million euros.

In the retail segment, on Wednesday ALDI Portugal opened its first store in Alcobaça, in the district of Leiria, in line with its expansion plan. The new ALDI Alcobaça will be the first space for the food retailer in the municipality, with a total sales area of 1040 m2.

Two days later, Aldi also opened a new store in Manique, in the municipality of Cascais, thus reaching 113 openings nationwide. Located in the parish of Alcabideche, this is the fourth space of ALDI Portugal in the municipality of Cascais, which already has stores in Amoreira, São Domingos de Rana and Abóboda. The new store offers a total sales area of 1.244m2.

In the middle of the week, it became public that an old restaurant, closed for several years by the Lima River, in Serreleis, Viana do Castelo, will be transformed into a themed hotel. The four-star Filigrana ‘design’ hotel will have 26 rooms and will be the new unit dedicated to filigree, in an investment of more than 1.7 million euros. The former seafood restaurant has 2.440m2 meters, with a total land area of ​​8.136m2.

Finally, at the end of the week, NORFIN has presented “Campo Novo” in an investment of around 300 million euros. Located in the Campo Grande area, in Lisbon, “Campo Novo” will have 80.000m2 of construction above ground and will provide for the construction of three residential condominiums (30.300m2) and four office buildings (37.600m2), joined by an area of commerce with 12.100m2. In addition to these spaces, Campo Novo will include an area of ​​gardens with 20.000m2 and more than 2.200 parking spaces. Most of the investment in this project will be provided for by the North American fund King Street Capital Management, which, together with the Arrow Global Group, owns the land.

 

October, 10, 2022

With autumn just around the corner, the beginning of October predicts a month of big news, with important highlights to appear at the commencement of this week.

Indeed, the logistics segment has been giving cards to some of the segments in recent months, and this week was no exception, with the largest number of announcements coming exactly from this sector.

At the opening of the week, LOGISLINK, an integrated company of GRUPO SOUSA, has inaugurated the new Logistics Terminal in the Azores Park. Located in Ponta Delgada, São Miguel Island, Azores, the infrastructure has a total area of 30.000m2, with a covered area of 8.500m2, 1.650m2 of which are cold areas. This investment of around 11.5 million euros will have the capacity to store 6.000 pallets.

Meanwhile, still in the logistics segment, MC, Sonae’s food retail company, has occupied the first building of the Rainha Green Logistics Park, in Azambuja. This logistics park is the first investment in Portugal by Green Logistics, the brand in the logistics area of the German group Aquila Capital, and is part of the Aquila Capital Southern European Logistic fund. The two-building logistics complex and associated urbanization work represent an investment of around 100 million euros.

Finally, in the residential segment, Habitat Invest and Patron Capital have acquired a plot for the construction of 514 new flats in Almada. Located in one of Almada’s main expansion areas, the Almada South Living covers an area of ​​9.600m² and has a construction capacity of approximately 51.000m². The investment value has not been disclosed.

The State of the Portuguese Real Estate Market in September

September presented itself as a very active month, providing several announcements about investments and transactions throughout the weeks. After a very dynamic summer, the return to most activities brought up a very active real estate market in most segments.

With particular emphasis on the housing, office and hotel segments, September saw several announcements which demonstrate resilience in the real estate market, even after two years of pandemic crisis and with a new economic scenario emerging motivated by Russia’s invasion of Ukraine.

Housing

The month began with the announcement that the IHRU (Instituto da Habitação e da Reabilitação Urbana) is going to launch three more tenders for the development of projects for the Quinta da Baldaya, Quinta das Conchinhas and Rua do Beato developments, all of them in Lisbon. Altogether, these operations represent a total of 456 homes and an investment of more than 90 million euros.

The Lisbon City Council also announced the willingness to launch a public auction for the sale of five municipal plots of land for the construction of housing in the parish of Lumiar, with a total base value of 20.9 million euros.

With September coming to an end, PREDIBISA has presented the new NATURA project. This innovative housing project is located on the land of the emblematic Efanor factory, in Matosinhos, a place of choice for those looking at living in the city centre. The value of the investment was not disclosed.

Offices

In this segment, to highlight is the news of the acquisition of the Real Business Centre, in Viseu, by Real Vida, in the beginning of the month. This is an office, commercial and multipurpose building, in which the insurance company invested 4,5 million euros in rehabilitation, in an operation whose total cost is 7 million euros. The building was officially opened on the 15th of September.

At the end of September, a partnership has been sold for the construction of a new office building in Campo Grande. The funds managed by Blackstone worked together with MultiCorporation in the transaction, with no revealed value, which aims at building a new office building in Lisbon. Next to the transport terminal, between the Alvalade XXI Stadium and the NOS headquarters building, the project allows for the construction of a new office building with more than 14.000 m2.

Norfina has also announced the launching of the “Oriente Green Campus” office building. The construction should be completed during the second half of 2023 and promises to bring a new impetus to the northern part of Parque das Nações. The building is located in Moscavide and will have a total office area of ​​41.100 m2 as well as 18.700 m2 of outdoor areas.

With the month coming to an end, Henderson Park has announced an investment of 25 million euros to modernize Lagoas Park. The private equity real estate company announced the investment for the renovation of the most prominent business park in Portugal and the largest in the Iberian Peninsula. The ambitious modernization project will enhance indoor and outdoor areas as well as collaborative spaces. The business park has been the destination of choice for the national headquarters of internationally renowned companies.

Retail and Logistics

In this segment, Sonae Sierra has announced that it is going to manage CTT’s real estate assets. The company was chosen to manage 400 retail and logistics properties, valued at around 110 million euros. The official announcement should be made at the beginning of November, however, it is known that the portfolio is composed of stores, normally located in the centre of the localities and by CTT’s warehouses and logistics/distribution centres.

Hotels

In this segment, it became public that the Mais Group has acquired land in Setúbal for the construction of a new hotel, in an investment of 8,5 million euros. The new hotel will be built at numbers 2, 4 and 6 of Estrada das Machadas, where there is currently a vacant property to be demolished. The hotel, with a gross building area of ​​3.591,30 m2, will have 120 rooms on six storeys, a basement for parking and a technical features storey. The opening is scheduled for the summer of 2024.

Meanwhile, Arrow Global Portugal has acquired the Hotel California. The four-star hotel, with a total area of ​​3.900m2 and 80 rooms, is located in the centre of Albufeira and 100 meters from Praia do Pescador. Renovated in 2019, its amenities include the roof top pool and bar overlooking the historic city centre, the spa & fitness centre and the sushi restaurant. The investment value has not been disclosed.

Cais do Sodré, in Lisbon, is also the target of news. On the block where the Jamaica and Europa nightclubs once operated, Room007 Pink will be born. The new hostel, which will create around 25 new jobs, is scheduled to open in 2025 and will have 80 rooms spread over the six storeys of the building.

At the end of September, MercanProperties emerged in the spotlight with the acquisition of real estate for a new hotel in Faro. The assets will be the subject of a rehabilitation and real estate development project, giving new life to that space. With a gross building area of ​​approximately 6.500 m², these properties are a unique opportunity to promote a new project in the Algarve. The investment value has not been disclosed.

NPL’s

In this segment, BPI has informed that it has concluded the sale of the Citron Project, with a total gross value of around 140 million euros, to funds managed by LX InvestmentPartnersS.A.R.L.. The Citron Project corresponds to around 15.000 credit contracts of around 5.000 customers. The non-performing loan portfolio, referring to the Citron Project, includes positions with and without real mortgage guarantees, with a total gross value of around 140 million euros.

Alternative assets

At the beginning of the month, Hipoges has announced the sale of “Project Liberty” for a value of over 10 million euros to an international developer with the aim of becoming a redevelopment project. Located in one of the most privileged areas of the city, right on Avenida da Liberdade, the building consists of 10 storeys above ground and 1 basement with a total area of about 2.500 m², divided into 10 independent units, namely 1 retail store and 9 offices, without horizontal property.

At the end of the month, it has become public that a CUF clinic will be born in “Terras da Comporta”. VanguardProperties and CUF have teamed up on the project of a proximity clinic in Comporta. The new health unit has an investment of two million euros and the building will be built in the “Dunas” subdivision, in the municipality of Grândola, parish of Carvalhal. The clinic which will be strategically located in a space of the enterprise has its opening scheduled between the end of 2023 and the first half of 2024.

 

#Brainsflash

October, 3, 2022

The last days of September proved it to be a week of major investments and news, in the real estate market. On the one hand we have had major developments in the office segment; on the other hand we have also had relevant news in the NPL’s market, with BPI selling a portfolio of 140 million euros to funds managed by LX Investment Partners.

At the beginning of the week, a society for the construction of a new office building in Campo Grande has been sold. The funds managed by Blackstone worked together with Multi Corporation in the transaction aimed at the construction of a new office building in Lisbon. Next to the transport terminal between the Alvalade XXI Stadium and the NOS headquarters building, the project allows for the construction of a new office building with over 14.000m2.

Meanwhile, Norfin has launched the “Oriente Green Campus” office building. The construction should be completed during the second half of 2023 and promises to bring a new impetus to the north area of Parque das Nações. The building is located in Moscavide and will have a total office area of 41,100 m2 as well as 18,700 m2 of outdoor areas. The announcement has been  made by Norfin, one of the national references in the management of real estate investments, on behalf of the Fundo Multiusos Oriente FEIIF, held by the Orion European Real Estate Funds.

With the week approaching its middle, Maya Capital launches its first real estate project in Lisbon. Eligible for the Golden Visa, Conceição 123 is located in a premium location in the city. The real estate investment fund entered the Portuguese market with an investment of 65 million in residential assets and debuts with this income tourism project.

Mercan Properties also emerged in the spotlight with the acquisition of properties for a new hotel in Faro. The assets will be subject to a rehabilitation and real estate development project, which will bring new life to that space. With a gross construction area of approximately 6.500m², these properties are a unique opportunity to promote a new project in the Algarve. The investment value has not been revealed.

With the week coming to an end, BPI has informed that it has concluded the sale of the Citron Project, with a total gross value of around 140 million euros, to funds managed by LX Investment Partners S.A.R.L.. The Citron Project comprises around 15.000 credit agreements of around 5.000 customers. The non-performing loan portfolio, referring to the Citron Project, includes positions with and without real mortgage guarantees, with a total gross value of around 140 million euros.

Finally, Henderson Park is making an investment of 25 million euros to modernize Lagoas Park. The private equity real estate company announces an investment of 25 million euros for the renovation of the most prominent business park in Portugal and the largest in the Iberian Peninsula. The ambitious modernization project will enhance indoor and outdoor areas as well as collaborative spaces. The business park has been the destination of choice for the national headquarters of companies of international importance.