Category: Alternative Assets

#Brainsflash

September, 19, 2022

In the investment and transaction market, the beginning of the past week was marked by the annoucement from the Braga Chamber reporting the approval of the proposal to update the Local Housing Strategy (ELH) for the municipality.

This review will bring an increase in the number of covered families (+64%) and people (+84%) in need of decent housing, as well as a significant increase in the investment, amounting to around 123 million euros, when compared to the previously approved ELH. This way, ELH will now cover a universe of 1284 households (3632 people), with the proposed global investment corresponding to an average investment, per flat, of around €96,500.

The week continued with the news that the old factory “A Napolitana”, located in Alcântara, Lisbon, will give way to an international school. According to the press release sent to brainsre.news, the works should be completed in the first half of 2024. The rehabilitation project of the old factory, designed by architect Frederico Valsassina, intends to keep the four emblematic buildings of the complex, preserving the original facades as well as the construction of a new building.

The works are being monitored by Engexpor, which provides project management and construction management services to the RFR Group, a North American investment, promotion and management company for commercial and residential real estate, based in New York. Project values have not been disclosed.

On the 12th, and according to a note published on the Cushman&Wakefield website, Atenor acquired a plot of land with an area of 8.373 m2, close to the transport interface of Campo Grande, Lisbon, for the construction of a building with about 14.000 m2 of offices, 450 m2 of retail as well as parking facilities.

In this transaction, of which the amount was not disclosed, Cushman&Wakefield acted on behalf of Atenor, a Belgian real estate developer that is already developing another landmark office project in Portugal – WellBe, in Parque das Nações.

Nearing the end of the week, Cushman also announced that 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. Cushman&Wakefield represented the previous owner, DetailsHotels& Resorts, in the deal.

Another of the investments announced at the end of the week was that Room007 Pink will be born, in Cais do Sodré, in Lisbon, in the block where the Jamaica and Europa nightclubs once operated. 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 floors of the building.

Designed to welcome a millennial and generation Z audience, this new hostel is the latest investment by the Spanish chain in Portugal, which already has two units opened in Lisbon, under the Bluesock Lisboa and Room007 Select Liberdade brands, both on Avenida da Liberdade, with four new units planned in Lisbon and Porto, still under construction.

Hawk Real EstateCollective, a real estate consultancy specializing in large assets, operating mainly in the greater Lisbon, Comporta, Melides and Alcácer do Sal regions, was the intermediary in the business.

On the last day of the week, it was announced that the Lisbon City Council wants 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 bid value of 20,9 million euros.

According to the website of the newspaper Expresso, the five municipal plots of land included in the proposal, namely two in Quinta dos Alcoutins (lot 26 with an area of 1.063 square meters (m2) for the base value of 515 thousand euros and lot 27 with 1.150 m2 for 560 thousand euros), two on Rua Professor Manuel Viegas, in the urbanization of Paço do Lumiar (lot B with 1.920 m2 for 6.2 million euros and lot C with 3.906 m2 for 12.2 million euros) and one in area 6 of Alta de Lisboa with 906,37 m2 for 1,44 million, “are intended for housing”.

#Brainsflash

September, 12, 2022

In the investment and transaction market, last week was marked by the announcement that the IHRU (Instituto da Habitação e da Reabilitação Urbana) will launch three more tenders for the development of the projects for the Quinta da Baldaya, Quinta das Conchinhas and Rua do Beato, all in Lisbon. Altogether, these operations represent a total of 456 homes and an investment of more than 90 million euros.

The week went on with the sale of the entire set of luxury apartments Maison Eduardo Coelho, located in Príncipe Real, in Lisbon, to an investor. The project, which resulted from the rehabilitation of a historic building from the beginning of the 19th century, has seven T1+1, T2, T3 and T3 duplex apartments, with areas from 84 to 343 square meters, and values between €910.000 and 4 million euros. Portugal Sotheby’sRealty was the broker to the deal.

On the 6th, Jornal de Negócios reported that the Groupo Mais had acquired a 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.

Near the end of the week, Hipoges announced the sale of the “Projecto 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. According to Hipoges “it is an ideal asset for various types of buyers, from international and national funds to developers, contractors, family offices or institutional investors.”

The week ends with the news of the acquisition, by Real Vida, of the Real Business Center, in Viseu, 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 officially opens on the 15th of September.

#Brainsflash

September, 05, 2022

The last few days of the week, the turning point of the holiday period with many returning to their activities, showed a more serene format with regard to investments in the real estate sector. However, there were relevant announcements over the past week, mainly in the student residences segment, marked by the planning of the return to school for many young people.

Right at the beginning of the week, Sonae Sierra announced that it had notified the Competition Authority of the acquisition of Atrium Saldanha, in Lisbon. The retailer Sonae Sierra acquired exclusive control of Imosal – Imobiliária do Saldanha, S.A., a company 100% owned by Kostas. In question is a building consisting of 59 stores and nine storeys of offices, as well as an underground car park.

Meanwhile, LIV Student opened a new student residence, and a new coliving concept was born in Porto, in an investment of 60.5 million euros. LIVStudent Campus Street offers 734 more student rooms in the area of the Polo Universitário da Asprela, in the invictus city. This is the second residence in Porto under the brand Valeo Groupe which has added 1,157 rooms to the city’s accommodation dedicated to university students, in two years. The LIV CoLife offers 71 rooms, as a way to meet the demand for flexible accommodation in the city.

The University of Algarve is also building two residences and renovating another six. The eight approved projects entail a total investment of 14.54 million euros. At stake is the approval of a funding of 13.7 million euros, under the National Plan for Housing in Higher Education (PNAES), to be applied in an ambitious plan that provides for the opening of the two new residences and the requalification/renovation of the six existing ones, in an effort that will make it possible to make 292 new beds available for students. The opening of the two new residences is planned by mid-2024.

The State of the Portuguese Real Estate Market in August

In full holiday season, the month of August, expected to be a quiet period in the real estate sector, suddenly and quickly made its ways through, with numerous transactions in the market. In almost all segments and a little from north to south, large-scale deals were perceived, with emphasis on housing, alternative assets and in the NPL’s market, were the ones that achieved the highest announcements over the course of the month.

The biggest highlight was the news that the Banks finally closed the agreement for the sale of ECS to Davidson Kempner Partners (DK Partners) for 850 million euros. This operation is already known as the real estate deal of the year, in Portugal.

Housing

At the beginning of the month, Vila Real de Santo António announced an investment of 101 million euros in housing. The Local Housing Strategy aims at benefiting households in the parish of Monte Gordo, the parish of Vila Nova de Cacela and in Vila Real de Santo António . The planned investment is intended to support 812 households.

Then, Coporgest proceeded with the conclusion of a residential project worth 27 million euros. Sottomayor Premium Apartments benefits from one of the best locations in Lisbon and is aimed at the high end. The complex consists of 43 apartments, from T1 to T3.

The month of August was still halfway through when the municipality of Matosinhos announced the investment of 85 million euros in housing, until 2026. The City Council and Matosinhos Habit are working on an investments plan in the construction and requalification of social housing, in supported rental and in the municipal program to support the rent.

Meanwhile, Mealhada has also approved the Local Housing Strategy, in an investment of 68 million euros. The focus is on intervention in various social housing neighbourhoods, the construction of housing areas and support to individuals, for the recovery of degraded houses intended for rent at controlled costs.

Offices

The month had just begun, when it became public that a Portuguese fund had acquired Uber’s headquarters in Lisbon for 18 million euros. The property, purchased by VIP (Fundo de Valores e Investimentos Prediais), was sold by Portuguese Finangeste and Patron Capital to the fund managed by Silvip. The Barbosa du Bocage building has seven storeys and a total area of 3.600 square meters.

In the meantime, the Novo Banco headquarters was sold for 112.2 million euros. Novo Banco, S.A. has informed on the signing of a Promissory Agreement to sell and buy regarding the current building, located on Avenida da Liberdade in Lisbon, in a statement sent to the Securities Market Commission (CMVM). Completion of the sale is expected to take place in the 3rd quarter of 2022.

Logistics

The logistics segment stood out with Carnes Campicarn, S.A., a national company in the beef industry, purchasing two factories in Torres Novas, in the district of Santarém, from a company of the Patris Group. With no revealed investment value, the two industrial assets have a covered area of around 11.000 m2 and are very well located in the centre of the country.

Student Residences

With the month of August starting, the University of Porto announced the investment of 18.7 million euros in student residences. The investment amount is intended for the construction of two new residences and the requalification of four existing ones. This will bring a greater offer to university students in the north of the country.

Towards the end of the month, new announcements were made in this segment, first with LIV Studenta opening a new residence for students and a new concept of coliving in an investment of 60 million euros. Porto receives the new LIV Student Campus Street residence, with 734 rooms and a new concept of coliving, LIV CoLife, with 71 rooms, is born in the city. This is the second residence in Porto under the Valeo Groupe brand.

Subsequently, the University of the Algarve announced that it will build two residences and renovate six in an investment of around 14 million euros. The two new student accommodation units will be built one on the Gambelas campus and the other on the Penha campus. The eight projects approved involve a total investment of 14.54 million euros, in an effort that will enable the provision of 292 new beds for students.

Hotels

In the middle of the month there was the announcement that the Fontecruz Lisboa Hotel had been sold for 42 million euros by the Spanish chain FontecruzHotels. The new owner of the hotel is Carlos Camurdine, one of the biggest entrepreneurs in Mozambique. Opened in 2012, the five-star hotel was the international debut of the FontecruzHotels chain and offers 72 rooms.

It was also made public that in Viana do Castelo, a hotel shut down for 16 years, will reopen after works worth 10 million euros. The Viana Sol hotel reopens in February 2023, after having been refurbished, as a themed hotel. The hotel will have its name changed into Dona Aninhas.

Land

At the beginning of the month, Corticeira Amorim announced the purchase of a land from Novo Banco, for 22.3 million euros. The 1855 hectare plot is located in Pinhal Novo, in the municipality of Palmela. The property includes a set of properties allocated to forestry which are part of the former Herdade de Rio Frio.

Alternative Assets

In the beginning of August, Sintra has announced that it will proceed with an investment of 10 million euros into a new municipal building. The new project is to be born in the former Fábrica da Messa complex. The building will be located on a plot of 1.6 hectares with a construction area of ​​approximately 5.000m2.

Meanwhile, Herdade do Vale Feitoso has been sold for 25 million euros. The Spanish company Tenigla sold the largest private property in Portugal, an estate with more than 7.300 hectares, which has now been acquired by Portuguese businessman Ricardo Machado. The new owner will spend 50 million euros on improving the property.

Also at the beginning of the month, the commercial and cultural space Lx Factory was sold to a joint venture of Grupo Arié. The asset in Lisbon was acquired, with no investment value revealed, by a joint venture between Grupo Arié, Europi Property Group and Bedrock Capital.

In the meantime, Sonae Sierra acquired Atrium Saldanha, in Lisbon, through the purchase of the company Imosal. The operation, with no revealed investment value, was notified to the Competition Authority. The building, comprising 59 stores and nine storeys of offices, also has an underground car park.

NPL

With August coming to an end, the Banks closed the agreement for the sale of ECS to Davidson Kempner Partners (DK Partners) for 850 million euros. The operation is still pending regulatory approval and should only be completed in the fourth quarter of 2022. The asset portfolio includes the sale of the FLIT and the Recuperação Turismo funds, as well as the management of the company.

Parvalorem has also resumed the sale of a property portfolio worth 250 million euros. Two years after the Ministry of Finance blocked this transaction, Parvalorem, which manages the troubled assets of the bankrupt BPN, resumed the process of selling a real estate fund, valued at just over 255 million euros.

#Brainsflash

August, 29, 2022

Coming to its end, this last week of August showed once more the existing robustness of the real estate market. Several segments, all over the country, were the target of significant investments and transactions.

At the beginning of the week, the Tagar Group announced the investment of 28 million euros to set up the Espinho Business Centre. The asset will be the first equipment in the municipality to present spaces ready for immediate occupancy by companies of the industrial sector, service brands and liberal professionals. The Espinho Business Centre will be installed in an area of 58.000 square meters, 23.000 of which are of covered area for various sectors of activity – of these, 11.000 are already in the contracting phase.

Meanwhile, Mealhada has approved the Local Housing Strategy in an investment of 68 million euros. The City Council unanimously approved the Local Housing Strategy in a meeting of the Municipal Executive, which foresees the intervention in several social housing neighbourhoods, the construction of housing and the support, to individuals, for the recovery of degraded houses intended for rent at controlled costs.

At the beginning of the week, Parvalorem was known to have resumed the sale of a property portfolio worth 250 million euros. Two years after the Ministry of Finance blocked this transaction, Parvalorem, which manages the problematic assets of the bankrupt BPN, resumed the process of selling a real estate fund, valued at just over 255 million euros.

Meanwhile, a shut down hotel in Viana do Castelo reopens after works worth 10 million euros. After being closed for 16 years, the Viana Sol hotel reopens in February 2023, after being refurbished as a themed hotel. The hotel will change its name to Dona Aninhas.

At the end of the week, Aldi opened a new store in Palmela. It is in the parish of Quinta do Anjo that the food retailer has opened its 111th store in Portugal, continuing its expansion plan. The new store offers a total sales area of 1.000 m2. With no investment value revealed, the company thus owns 15 stores in the district of Setúbal.

 

#Brainsflash

August, 22, 2022

With the month of August still halfway through, this last week proved to be a period of numerous announcements, major transactions and investments to be noted in the various segments of the real estate market.

Of note was the sale of the Novo Banco headquarters for 112.2 million euros and the final agreement between the banks and Davidson Kempner Partners (DK Partners) for the sale of ECS funds for 850 million euros, at the end of the week.

Right at the beginning of the week, it became public that the headquarters of Novo Banco was sold for 112.2 million euros. Novo Banco, S.A. informed in a statement sent to the Portuguese Securities Market Commission (CMVM) the signing of a Contract of promise to sell and buy regarding the present headquarters building of Novo Banco, S.A., located on Avenida da Liberdade in Lisbon. The sale should be concluded in the 3rd quarter of 2022. The Novo Banco Campus in Tagus Park – Oeiras, currently under construction, will be the new headquarters of the Bank and of the group’s companies.

Meanwhile, Matosinhos announces the investment of 85 million euros in housing until 2026. The Municipality of Matosinhos and Matosinhos Habit are working on an investment plan in the construction and requalification of social housing, in the supported rent and in the municipal program to support the rent. The announced investment foresees the rehabilitation of 400 vacant municipal social housing, as well as the construction of 384 new housing.

With the week almost over, The Fontecruz Lisboa Hotel was sold for 42 million euros by the Spanish chain Fontecruz Hotels. The new owner of the hotel is Carlos Camurdine, one of the biggest entrepreneurs in Mozambique. Opened in 2012, the five-star hotel was the international debut of the Fontecruz Hotels chain and has an offer of 72 rooms. It will change its name soon and the new owners already have a new project for the space.

The logistics segment also stood out with Carnes Campicarn, S.A., a national company in the beef industry, purchasing two factories in Torres Novas, in the district of Santarém, from a company of the Patris Group. With no investment value revealed so far, this is an operation that is part of Campicar’s growth plan, based in Vila Nova de Famalicão. The two industrial assets, with a covered area of around 11,000 m2, have an excellent location in the centre of the country, specifically in the industrial and logistics area of Zibreira.

Finally, the Banks closed the agreement for the sale of ECS for 850 million euros. The banks reached the final agreement with Davidson Kempner Partners (DK Partners) for the sale of the ECS funds. The operation is still pending regulatory approval and should only be completed in the fourth quarter of 2022. The asset portfolio includes the sale of the FLIT and the Recuperação Turismo funds, as well as the management of the company.

 

 

 

#Brainsflash

August, 16, 2022

The month of August is still at the beginning and a lot of transactions have taken place this week, even at a time when most activities are almost stagnant, as a result of the summer and holidays period. Of note are the transactions in Lisbon, with the sale of LxFactory and the acquisition of Uber’s headquarters by a Portuguese fund.

Right at the beginning of the week, Corticeira Amorim announced the purchase of a land from Novo Banco, for 22.3 million euros. The 1855-hectare plot is located in Pinhal Novo, in the municipality of Palmela. The property includes a set of real estate properties allocated to forestry exploitation that are part of the former Herdade de Rio Frio. The asset transaction, held by Novo Banco, was carried out through the subsidiary COLD RIVER’S HOMESTEAD SA, S.A., of Corticeira Amorim.

Meanwhile, the commercial and cultural space Lx Factory was sold to a joint venture of the Arié Group. The asset in Lisbon was acquired, with no investment value revealed, by a joint venture between the Arié Group, the Europi Property Group and Bedrock Capital. The new owners of Lx Factory, in Alcântara, want to maintain the retail and restaurant spaces, as well as promote recovery and improvement works in the exterior areas.

In the middle of the week, the University of Porto announced the investment of 18.7 million euros in student residences. The investment amount is intended for the construction of two new student residences and the upgrading of four existing ones, which will bring a greater offer to university students in the north of the country. With support of 11.3 million from the National Plan for Accommodation in Higher Education, the investment will bring another 205 new beds to the city, by 2025.

Finally, at the end of the week, a Portuguese fund acquired Uber’s head office building in Lisbon for 18 million euros. The property was purchased by the Portuguese fund VIP (Fundo de Valores e Investimentos Prediais). The building located on Avenida Barbosa du Bocage, in Lisbon, is fully occupied by Uber, after rehabilitation works that cost more than six million euros. The building was sold by Portuguese Finangeste and Patron Capital to a fund managed by Silvip. The asset is now part of the portfolio of the fund managed by Silvip, a real estate investment fund management company. The Barbosa du Bocage building has seven storeys and a total area of 3,600 square meters.

#Brainsflash

August, 09, 2022

With the first week of August starting, the Polytechnic Institute of Setúbal announced the construction of student residences in Barreiro and Sines and also the expansion of the unit in Setúbal. The applications were recently approved and have RRP funding in the amount of around 9 million euros. The Polytechnic Institute of Setúbal predicts that the new residences can begin to be occupied from December 2023.

Meanwhile, in the housing segment, Vila Real de Santo António foresees an investment of 101 million euros. The Local Housing Strategy aims to benefit households in the parish of Monte Gordo, parish of Vila Nova de Cacela and in Vila Real de Santo António. The investment is intended to support 812 households, more than 2,000 people who will benefit from these measures. The investment is 100% financed by the RRP (Recovery and Resilience Plan), through the “1º direito” program.

Also at the beginning of the week, Sintra announced that it will proceed with an investment of 10 million euros in a new municipal building. It is in the former Fábrica da Messa complex that the new project is born, which will be able to accommodate 600 workers from different areas. The building is located on a plot of 1.6 hectares and has an approximate construction area of 5000 m2. Scheduled for completion in early 2025, the project for the new municipal building of Messa was presented during the open presidency, promoted by the Municipality of Sintra in the parish of Algueirão Mem-Martins.

The following day, Coporgest proceeds with the conclusion of a residential project worth 27 million euros. Sottomayor Premium Apartments benefits from one of the best locations in Lisbon and is aimed at the high end segment. The development consists of 43 apartments, from T1 to T3. The project was distinguished as the “Best Residential Renovation Project in Portugal”, by the European Property Awards 2019-2020. Only three fractions are still available for sale, with the rest having been sold for values ranging between 420 thousand euros and 1.75 million euros.

Finally, at the end of the week, it was announced that Herdade do Vale Feitoso was sold for 25 million euros. The Spanish company Tenigla sold the largest private property in Portugal, an estate with more than 7,300 hectares that has now been acquired by the Portuguese businessman Ricardo Machado. The new owner will spend 50 million euros to improve the property, with a plan that includes the installation of new crops, reforestation and actions aimed at boosting production on the property.

The State of the Portuguese Real Estate Market in June

Rounding out the first semester of the year, May brought a slew of announcements in the real estate market and new investments all over Portugal. There were deals in every market sector, with the principal emphasis on housing and hotels. If, on the one hand, bets on the Portuguese residential market are considered safe and profitable, on the other, and despite two years in which the tourist sector was almost stagnant, the hotel segment is now emerging and proving to be increasingly resilient in the face of past and present adversity. It should be noted that although the pandemic is lessening in its effects, Russia’s invasion of Ukraine has triggered a series of economic effects, adding to sector restraints. But the fact that Portugal is far from the conflict and has an enviable location in the south of Europe brings with its hopes of a rapid recovery of its tourism sector, especially in hospitality.

Residential

In May, doValue announced the launch of a new luxury development in Funchal, the capital of the Madeiran archipelago. The Casas Brancas development comprises 11 villas and is located in a tourist area in the parish of São Martinho, Funchal. The project is set on a rectangular geometrical plot of 3,322 square meters. The villas are arranged on three levels, enabling every flat to have south-facing balconies and terraces with excellent sun exposures and sea views.

Meanwhile, a project to develop 400 flats in an investment of 16.25 million euros was announced. The new residential project has the potential to build over 50,000 m2, located next to the Marina de Lagos in the Algarve. Marina Park II has an approved PIP with the potential to build around 400 residential units and retail assets. The project represents an excellent opportunity to boost the supply of homes in the Algarvian city. It foresees a total construction area of over 51,000 m2, of which 49,520 m2 is distributed over 16 plots for residential development, along with 1,600 m2 for retail.

It was only halfway through the month when the São João da Praça appeared, the new residential project in Alfama with prices ranging between 500,000 and 1,040,000 euros. The project is next to the Sé de Lisboa. It comes from the rehabilitation of a 9-flat Pombaline building in Alfama, bringing modern flats, one and two-bedroom homes, to this traditional neighbourhood, with two duplexes on the top floor. The flats’ surface areas vary between 60 m² and 124 m². Construction began in April, and delivery of the flats is scheduled for the last quarter of 2023.

News was released at the end of the month that the Pestana Group had inaugurated the Madeira Acqua Residences in a €100-million investment. The Madeira Acqua Residences results from the refurbishment of the Madeira Palácio Hotel and has 181 flats, ranging from 1 to 4 bedrooms and penthouses. Madeira Acqua Residences has over 7,000-m2 of gardens, direct private access to the beach and an infinity pool on the cliff’s edge, immediately overlooking the sea.

Offices

The highlight for this sector was the sale of a building on Avenida de Berna for €15 million. Cofidis and Prosegur currently occupy the building. The property, located at 54 Avenida de Berna in Lisbon, was acquired by a Portuguese institutional investor from Tristan Capital Partners’ CCP 5 fund. The building has a gross area of 3,825 m2 and 124 parking spaces, located opposite the Calouste Gulbenkian Foundation. The property is between Campo Pequeno and Praça de Espanha.

At the end of the month, CORUM Eurion announced the acquisition of a building in Porto for 16 million euros. Owned by the French management company Corum Asset Management, CORUM Eurion bought the building in the business centre on Rua do Heroísmo in Porto. The building was completely refurbished in 2021, has 6,072 square metres of surface area, and has tenants such as the tech companies Infraspeak, Koerber and Sitel.

Retail

At the beginning of the month, Mercadona opened a new shop in Póvoa de Varzim. With a sales area of 1,900 m2, it is the chain’s 31st supermarket in Portugal and the first in this city. It is on Rua Comendador Francisco Quintas, in Póvoa de Varzim, though no investment amount was revealed.

Meanwhile, Auchan has invested around €40 million in a new shop in Cascais. The old Pão de Açúcar shop, the first supermarket to open in the country 49 years ago, has been renovated. The store will have an area of around 7,000-m2, a garden at one of the entrances, a rooftop on top of the shop with sea views and a shopping gallery with several restaurants.

Hotels

A major announcement came in this sector, as Discovery Hotel Management launched Octant Hotels. DHM announced that the group’s new brand would group and manage the eight hotels owned by the Discovery Portugal Fund in Portugal, called Octant Hotels. DHM’s portfolio includes a unique set of boutique hotels throughout the country, which will become part of the Octant Hotels brand.  The hotels include the Douro41 Hotel & Spa, the Palácio da Lousã Boutique Hotel, Évora Farm Hotel & Spa, Santiago Hotel Cooking & Nature, Praia Verde Boutique Hotel, Vila Monte Farm House, the Azor Hotel and Furnas Boutique Hotel.

Meanwhile, Azora acquired the Pestana Blue Alvor in the Algarve. Built in 2019, the Pestana Blue Alvor boasts 120,000 square metres of surface area and almost 500 rooms. The asset is Azora’s fourth investment in Portugal, following its acquisition of the Tivoli Marina Vilamoura resort, the Tivoli Carvoeiro resort and the Vilalara Thalassa Resort. The acquisition was completed through its Azora European Hotel & Lodging fund. Azora finalised its purchase of the Pestana Blue Alvor, though its investment was not revealed.

Mid-month saw the emergence of the Herdade Monteverde, a new residential tourist resort on Lisbon’s south bank. Located in a 102-hectare nature reserve, Herdade Monteverde will have 355 residential units, including detached villas, townhouses, and flats. In partnership with the SIL Group, HomeLovers is now exploring the new project after the success of the Herdade da Aroeira. It is a tourist residential development, so that it may be eligible for golden visa buyers. Prices for detached villas start at 740,000 euros, with townhouses beginning at 420,000 euros.

Next, Sonae Capital announced the sale of the Aqualuz Tróia Mar & Rio and The Editory By The Sea Tróia-Comporta. Sonae Capital’s Hospitality business unit will keep the management of The Editory Hotels, totalling 377 accommodation units. The sale was one of the largest real estate deals in hotels carried out in the Portuguese market since the beginning of the year, though the value of the transaction was not disclosed.

Towards the end of the month, Sonae Capital opened a new luxury hotel in Porto, investing around 20 million euros. The Editory Boulevard Aliados Porto Hotel is the new five-star hotel in Aliado, with 68 rooms. The Editory Boulevard Aliados Porto Hotel is a new space in the heart of Porto, offering nearly seven dozen rooms, a heated outdoor pool, two meeting rooms, a sensorial restaurant and a cocktail bar. The hotel is the result of a partnership between FVC Group and SC Hospitality, with the architecture and the interior design designed by Ding Dong.

NPLs

Near the end of the month, Novo Banco announced the sale of a portfolio of logistics properties. The deal’s completion is expected to positively impact around 35 basis points on the Novo banco group’s total capital ratio. The buyer’s identity and the investment value of the logistics properties located in Portugal were not released. The portfolio of real estate assets was held mainly by the real estate funds NB Património and NB Logística, both managed by GNB Real Estate. Novo Banco held a 75% stake in the real estate assets in March 2022.

Alternative Assets

In the north of the country, Supera announced an investment of €10 million in Gaia. Supera already operates two sports centres in Portugal and has seven other projects underway in Portugal. The Spanish group will build a swimming complex in Gaia, having gained a 40-year municipal concession. The Aquatic Training Complex will be built in Gaia’s Parque da Lavandeira. The Galician group Sidecu, which operates the Supera gyms brand, has 45 gyms in Spain and two in Portugal. The brand also has other projects underway in Portugal, in Braga, Porto, Coimbra, Seixal, Barreiro and Lisbon.

Later last month, a new campus of the British School of Lisbon was announced due to a 30-million-euro investment. The second campus, with 7,000-m2, 30 classrooms, a swimming pool complex and a sports pavilion, will be located on land adjacent to the Belenenses stadium. Following an agreement with Belenenses Football Club, the British School of Lisbon plans to open its second campus in Lisbon. The space will be built on land located above the main stadium.

#Brainsflash

May 22, 2022

Of particular note was Sonae Capital’s sale of Aqualuz Tróia Mar & Rio and The Editory by The Sea Tróia-Comporta.

The middle of May proved to be especially active for the real estate market in Portugal, particularly in the residential and hotel sectors. Some news of interest came to light, along with significant investments.

At the beginning of the week, Coporgest’s Chiado 12 announced that it would gain new luxury flats. Transformed into a residential building, in a total investment of 9.25 million euros, Chiado 12 is undergoing an intervention to add two new luxury flats. The development located in Largo do Chiado, in the heart of Lisbon, has been a reference in the capital for being where the famous Hermès brand shop is located. In 2014 it was acquired by Coporgest, a company specialising in the development of luxury real estate projects.

Madeira plans to invest €136 million in housing for 1,400 families under the Recovery and Resilience Programme (PRR). The Government of Madeira aims to build 783 homes by 2026 in the autonomous region’s 11 municipalities. The projects built in the 11 municipalities may suffer changes due to the rise in the price of raw materials and labour shortages. At stake is the acquisition of 533 homes at controlled costs and the rehabilitation of 325 homes, especially regarding energy efficiency improvement. There is also a budget of 1.6 million euros for information technologies linked to social housing.

Midweek, it was announced that Herdade Monteverde is the new residential tourist resort on Lisbon’s south bank. Located in a 102-hectare nature reserve, Herdade Monteverde will have 355 homes, including detached villas, townhouses, and flats. In partnership with the SIL Group, Homelovers is now exploring this new project after the success of Herdade da Aroeira. It is a tourist residential development, so it may be eligible for Golden Visa buyers. Prices for detached villas start from €740,000 and townhouses from €420,000.

Meanwhile, a new My Auchan convenience store has opened in Costa da Caparica. More My Auchan shops are planned for the coming years. This is the 32nd My Auchan shop to open. The 385-m2 space is located in Rua dos Pescadores and intends to offer a simple and quick response to its customers and a better shopping experience.

With the week coming to an end, the São João da Praça was announced as a new residential project in Alfama. The new project next to Sé de Lisboa, is the result of the rehabilitation of a Pombaline building in Alfama. The renovation project, designed by Appleton & Domingos Arquitetos, will bring to this traditional neighbourhood nine modern 1 to 2-bedroom flats, and two duplexes on the top floor. The areas of the flats vary between 60 m² and 124 m², with prices from €500,000 to €1,040,000. Construction began in April and delivery of the flats is scheduled for the last quarter of 2023.

Finally, Sonae Capital announced the sale of Aqualuz Tróia Mar & Rio and The Editory By The Sea Tróia-Comporta. The Editory Hotels, Sonae Capital’s Hospitality business unit will keep the management of these tourism assets, with a total of 377 rooms. This is one of the largest real estate investment operations in hotels carried out in the Portuguese market since the beginning of the year, the transaction value of which was not disclosed.