The State of the Portuguese Real Estate Market in June

The month that held the arrival of summer and the month of the Popular Saints was marked by large investments in the real estate market. Even during several national and municipal holidays, with festivities all over Portugal, the market didn’t stop for a rest, apparently showing itself to be calm in counter-cycle with the voracious investments that appeared throughout June.

In general, and as was evident last May, there were transactions in some of the sector’s segments, with the main emphasis on housing and hotels.

Housing

The month was already halfway through when there was an announcement that another 70 residential units were to be built in Lisbon, financed by the RRP in an investment of more than 6.2 million euros. The first stone for the construction of 70 homes in Bairro Padre Cruz in Lisbon has already been laid. Under the Recovery and Resilience Plan, the financing contract was signed, which will allow the 100% non-refundable financing of this investment of more than 6.2 million euros under the Lisbon Municipality Local Housing Strategy.

Meanwhile, Fercopor announced a new luxury housing project in a 9-million-euro investment. Enlight will be built in Porto, on Avenida da Boavista, the most recent development created by the luxury real estate company looking to boost the housing supply on that avenue. The project is located next to the former Dallas Shopping Centre, on a plot of 2,636 m2, which has so far remained unoccupied. The new development will make available 20 flats, distributed over seven floors. The one-to-four-bedroom homes will have interior areas of up to 280.5 m2 and exterior areas of up to 95 m2, including balconies, gardens and patios.

In the middle of the month, the Oeiras Town Hall announced that it would sign financing contracts with the Housing and Urban Rehabilitation Institute (IHRU) for the construction, by 2024, of 92 houses for rent, in a total investment of around 19.2 million euros. The project also has a financial contribution from the Recovery and Resilience Plan (PRR) estimated at 15.8 million euros.

Meanwhile, Traçado Regulador announced that it is developing a new project for the construction of a luxury residential building in Oeiras Golf & Residence. The 22 two-to-four-bedroom flats will have areas between 100m2 and 200m2. Investment values were not disclosed.

The following day, the CVM – Construções Vila Maior group revealed that it would invest 140 million euros, over the next year and a half, in building 15 buildings in the Greater Porto area, corresponding to 825 units, of which 425 are already underway. The remaining 400 will start by the end of the 1st quarter of 2023. The Group also announced its entry into the industrial rental area, where it will invest 15 million euros by the end of 2023, in Santa Maria da Feira – Parque Empresarial A32, with 25,000m2 – it intends to continue to buy and invest in this sector, by acquiring new assets.

Retirement Homes

At the end of June, it became public that the Hospital Particular de Viana do Castelo is investing 8 million euros in a new retirement home. The project includes the construction of a retirement hotel with 40 single rooms and 20 double rooms, with a total occupancy of 80 guests, and a clinical unit with physiotherapy, gastroenterology, and outpatient services with all specialities. From the investment of this new unit that will be installed in Avenida Capitão Gaspar de Castro, one of the city’s main arteries, 1.255 million euros correspond to the value of the land acquisition, with the consequent creation of about 60 jobs.

Hotels

At the beginning of the month, the W Algarve luxury resort opened its doors following an investment of around 300 million euros. The W Algarve is the first luxury resort of the W brand in Portugal, located in Albufeira, at Praia da Galé. W Hotels Worldwide has announced opening the W Algarve, which is part of the portfolio of Marriott Bonvoy, which in turn owns more than 30 hotel brands. The company’s latest hotel joining the W Escapes family, is located atop the cliffs in the Praia da Galé area. It features 134 west-facing rooms and suites and 83 W-branded residences.

In the same week came the announcement of the new IMMERSO Hotel that opened its doors in Ericeira after a €6-million-investment by Inspire Capital. The 5-star hotel will be the first in the region, offering 37 rooms, a spa, pool, bar and two gastronomic spaces. It is located in a valley and combines four different accommodation areas, all embraced by the green surroundings. The project’s primary focus is its contact with nature.

The following week, the Fladgate group sold a hotel in Porto to Gaw Capital. Owner of the Intercontinental Palácio das Cardosas, Gaw Capital is the new owner of the oldest 5-star hotel in Porto, the Infante de Sagres hotel. The Fladgate Partnership sold the historic hotel in an operation whose value was not disclosed. The new hotel unit, which has not yet been named, will have between 85 and 90 rooms and is expected to be operational within two years.

As the month drew to a close, Mercan Properties announced a €16.8 million investment in a Holiday Inn Express in Évora, scheduled to open in the summer of 2023. This is Mercan Properties’ second project in the city that holds UNESCO World Heritage status, following the Hilton Garden Inn Évora, whose first stone was laid in 2021. The development, which will create around 100 jobs, 70 of these during construction, and a further 30 permanent jobs to be created once the hotel opens, results from a partnership with IHG Hotels & Resorts (IHG).

Alternative Assets

Also in early June, Home Tailors Real Estate announced the marketing of a Wine Estate for €8 million. The real estate agency was responsible for the sale of Herdade das Fontes Bárbaras, located on a typical Alentejo hill, in the municipality of Castro Verde. The estate has a wine-growing component, along with rural tourism and wine tourism. The project is inserted in the estate’s 162 hectares, where the predominant culture is the vineyard.

With the month coming to an end, the Casais Group announced the investment of €11 million in a hybrid construction complex next to the University of Minho’s Pole. It is in Guimarães that the hybrid construction complex will be born, including a B&B Hotel with 95 rooms, 44 studios for rent and a commercial space. Designed by the architect Mário Fernandes, the hybrid construction complex will be inaugurated still this year. According to the Casais Group, this is the first building of hybrid construction in the Iberian Peninsula, using engineered wood and one-third of the concrete of a traditional building.

The Top Team in Portugal is Currently Also the Only 100%-Certified RICS Team

Pedro Dias, Catarina Baptista, Rodrigo Macedo, Isabel Castro e Silva and Ana Serra are the new AssocRICS.

AURA REE Portugal conquered another important goal with the entrance of five of its employees to the RICS (Royal Institution of Chartered Surveyors) professional organization through the AssocRICS (Associate Member) qualification.

On June 22, AURA REE Portugal, besides being the company in the market with the highest volume and complexity of assessed properties, conquered another important goal with the entry of five of its employees to the professional organization RICS (Royal Institution of Chartered Surveyors) through the AssocRICS qualification (Associate Member). AURA is currently the only team in Portugal where all surveyors/consultants are certified.

Being an AssocRICS is an opportunity to gain professional recognition, demonstrating that the member is qualified, regulated, and trustworthy while at the same time enabling the start of the path to MRICS status (Chartered Member).

Aura REE Portugal is thus reinforcing its commitment to the highest ethical and professional standards with the help of its new AssocRICS members:

Pedro Dias – Started working in the real estate sector in 2007 with a construction company. In 2008 he started his Degree in Civil Engineering at the Universidade Lusófona de Humanidades e Tecnologia.  Between 2012 and 2018, he was employed as the director of the works in construction companies. In 2018 he joined Aura REE and currently holds the position of Senior Associate. He has an MBA in real estate valuation from ESAI (Escola superior de Atividades Imobiliárias). He is a certified real estate appraiser by CMVM and a member of the order of technical engineers.

Catarina Baptista – In 2014, she began her Masters in Urbanism and Spatial Planning at Instituto Superior Técnico. She started her professional activity in 2017 in a national real estate consulting company. In 2021 she joined Aura REE and is currently a Senior Analyst. She has an MBA in Real Estate Valuation from ESAI and is a certified real estate appraiser by CMVM.

Rodrigo Macedo – In 2013, he began work on his Management Degree at the Instituto Superior de Economia e Gestão. He then started his career in 2019 in the financial department of a multinational operating in the tourism sector. In 2021 he joined Aura REE and currently holds the Junior Analyst position. He has an MBA in real estate valuation from ESAI and is in the process of registration as a certified real estate appraiser by CMVM.

Isabel Castro e Silva – In 2011, she joined the Integrated Masters in Architecture at the Instituto Superior Técnico and in 2014 she did a stint at the Faculty of Architecture and Urbanism of the University of São Paulo. She began her professional career in 2015 in an architectural studio in Lisbon. In 2021 she joined Aura REE and currently holds the position of Associate. She has an MBA in real estate valuation from ESAI and is a certified real estate appraiser by CMVM and a member of the order of architects.

Ana Serra – In 2011, she began work on her Integrated Masters in Architecture at the Instituto Superior Técnico, and subsequently went on to her professional activity in 2013 in an architectural studio in Porto. In 2021 she joined Aura REE and currently holds the position of Associate. She has an MBA in real estate valuation from ESAI and is a certified real estate appraiser by CMVM and a member of the order of architects.

Also recently the team leader, Miguel Campos, Associate Director – Head of NPL&REO at Aura REE Portugal, obtained the MRICS certification.

José Covas, chairman of RICS Portugal and Managing Partner – Head of Portugal at Aura REE and João Garcia Barreto, Engagement Manager – Head of National Business, are the new members’ mentor, encouraging employees to obtain one of the most important professional certifications in the real estate sector.

According to José Covas, “Aura REE Portugal is setting an excellent example in the market by investing in the training and qualification of its team, reinforcing its commitment to quality and professional ethics. As the chair of RICS in Portugal, the new members of Aura REE Portugal have taken part in one of the best seasons for RICS bringing in one the highest numbers of new members since RICS started in Portugal.”

Aura REE Portugal has an excellent team composed of real estate specialists in various areas, with a profound knowledge of market dynamics. It advises on different types of assets, with a special focus on REOs and NPL portfolios, strategic consulting, and market analysis in real estate development projects. Aura REE is at the forefront of consulting in the real estate sector, with a mission to elevate the sector’s professionalization. In Portugal, the company is regulated by the RICS (Royal Institution of Chartered Surveyors).

#Brainsflash

The principal investments and main highlights of the last week in the Portuguese real estate market.

June 27,2022

Quiet continued in Portugal’s corporate real estate market last week. However, at the beginning of the week, Mercan Properties announced the €16.8 million investment in Holiday Inn Express in Évora, which is scheduled to open in summer 2023. This is Mercan Properties’ second project in the city that holds UNESCO World Heritage status, following the Hilton Garden Inn Évora, where work began in 2021.

The development, which will create around 100 jobs, 70 of these during the construction phase and a further 30 permanent jobs once the hotel opens, is a partnership with IHG Hotels & Resorts (IHG).

Meanwhile, OSQUARED, part of the Omer Group Investments, founded by the Israeli businessman Eli Omer, will boost its investment in Porto with the OLIMPO Porto project. The residential development, set in a 12.000 m2 area, will consist of more than one hundred one-bedroom studios next to Estrada da Circunvalação, a few minutes away from some of the most emblematic places in Porto. The amount of the investment was not revealed.

On June 21, the Oeiras Town Hall announced that it will sign financing contracts with the Housing and Urban Rehabilitation Institute (IHRU) to build 92 houses for affordable rents by 2024, in an overall investment of around 19.2 million euros. The project also benefits from a financial contribution from the Recovery and Resilience Plan (PRR), estimated at 15.8 million euros.

Almost at the end of the week, it became public that Traçado Regulador is developing a new project to construct a luxury residential building in the Oeiras Golf & Residence. The 22 two-to-four flats planned will have areas between 100m2 and 200m2. Once again, the total expected investment was not revealed.

The week ended with the news that the CVM Group – Construções Vila Maior – will invest 140 million euros, until 2024, to build 15 buildings in Greater Porto, corresponding to 825 flats, of which 425 are already underway. Work on the remaining 400 will begin by the end of the first quarter of 2023.

The Group also that it would invest in industrial leasing, where it will invest 15 million euros by the end of 2023, in Santa Maria da Feira – Parque Empresarial A32, totalling 25,000m2. its intention is to continue buying and investing in the sector, looking to acquire additional assets.

#Brainsflash

Last week’s highlight came in the form of Fercopor’s announcement that it would build a new luxury housing project in Porto, investing 9 million euros.

In yet another week of public holidays in Portugal, as we’re already halfway through the year, last week remained calm in terms of announcements regarding investments and transactions, with special emphasis on the housing sector in the central and northern regions of the country.

At the beginning of the week, Terzzit announced that it would launch the West Plaza development with an investment of over €4 million. The investment firm presented the new project, a contemporary building composed of 28 flats in the centre of the village of Bombarral. The two-to-four-bedroom flats will go on sale in July, and construction is scheduled for completion in March 2023. The location, nearby several beaches and tourist sites, and a short distance from Lisbon, has been attracting people who are after a better quality of life.

In the meantime, 70 more homes will be built in Lisbon, financed by the RRP in an investment of more than 6.2 million euros. The first stone has already been laid in Lisbon in Bairro Padre Cruz. Under the Recovery and Resilience Plan, the financing contract was signed, which involves the 100% non-refundable financing of the investment under the scope of the Local Housing Strategy of the municipality of Lisbon.

At the end of the week, Fercopor announced a new luxury housing project in a 9-million-euro investment. Enlight will be built in Porto, on Avenida da Boavista, the most recent development created by the luxury real estate company to renew the housing supply on that avenue. The project is located next to the former Dallas Shopping Centre, on a plot of 2,636 m2, which has so far remained unoccupied. The new development will provide 20 flats, distributed over seven floors. The one to four-bedroom homes will have interior areas up to 280.5 m2 and exterior areas of up to 95 m2, including balconies, gardens and patios. The project also includes a gymnasium and common room for the use of all future residents. The construction is in its initial phase, but sales began on June 15.

#Brainsflash

The principal investments and highlights of the last week in the Portuguese real estate market.

June 14, 2022

Last week’s highlight came in the form of the sale of the Infante de Sagres hotel in Porto to Gaw Capital.

In anticipation of the holiday celebrations during these weeks in June, the first week of the month proved to be quiet regarding the property market. However, a few transactions stood out, especially in the hotel sector.

Right at the beginning of the week, Home Tailors Real Estate announced the sale of a wine estate for 8 million euros. The real estate agency was responsible for selling the Herdade das Fontes Bárbaras, located on a classic Alentejo hill near Castro Verde. The estate has a wine-growing component and a rural tourism and wine tourism project. The tourism project is on the estate’s 162 hectares, where the predominant culture is the vineyard.

The 400-m2 tourism project comprises six suites, two living rooms, a game room, a library and heated pool and an independent, 120-m2 two-bedroom house. The property has 43 hectares of irrigated vineyards, two dams, three water holes and two boreholes, 2, approximately 600-m2 warehouses for agricultural support, and all the necessary equipment. Herdade das Fontes Bárbaras also has a fully functioning, 1,000m2 wine cellar, the capacity for 800,000 litres of wine and a wine tasting room.

Meanwhile, the Fladgate group sold a hotel in Porto to Gaw Capital. Owner of the Intercontinental Palácio das Cardosas, Gaw Capital is the new owner of the oldest 5-star hotel in Porto, the Infante de Sagres hotel. The Fladgate Partnership sold the historic hotel in a deal whose value was not disclosed. The new hotel, which has yet to be named, will have between 85 and 90 rooms and is expected to be operational within two years.

Miguel Campos of Aura REE Portugal awarded RICS certification

Membership in the RICS imparts the highest recognition at the international level.

Today, Miguel Campos, Associate Director – Head of NPL & REO at Aura REE Portugal, officially became a RICS (Royal Institution of Chartered Surveyors) member.

Aura REE Portugal has just announced that Miguel Campos, Associate Director – Head of NPL & REO at Aura REE Portugal, officially became a member of RICS (Royal Institution of Chartered Surveyors) today.

RICS, founded in 1868 in London, is the world’s leading professional organisation that sets, applies, and monitors standards of ethics, conduct, and competence for assessing, operating and developing various types of property and real estate. Membership in RICS requires appropriate training and years of relevant experience, which the Associate Director – Head of NPL & REO at Aura REE Portugal has demonstrated throughout his professional career.

Being a member of RICS is the highest recognition at the international level. As a professional, this is another important achievement for the company and the Associate Director – Head of NPL & REO. According to Miguel Campos, “personally, it is enormously awarding to be part of this professional body, but it also confirms Aura’s commitment to its demanding compliance standards, codes of conduct, and the client itself. ”

José Covas, chairman of RICS Portugal and Managing Partner – Head of Portugal at Aura REE, is the mentor of the members and candidates, encouraging employees to obtain one of the most important professional certifications in the real estate area.

#Brainsflash

The highlight of the week came in the form of the inauguration of the W Algarve luxury resort, which opened its doors after an approximately €300-million investment.

Last week, as May brought in the end of the first semester of the year, we witnessed interesting transactions and some calm in the real estate market. Although there weren’t many announcements of concluded deals, there was still a clear movement in the sector.

At the start of the week, there was the announcement that CORUM Eurion acquired a building in Porto for 16 million euros. A subsidiary of the French management company Corum Asset Management, CORUM Eurion bought a building in the city’s business centre on Rua do Heroísmo. The property was completely refurbished in 2021, and has 6,072 square metres of surface area, home to the technology companies Infraspeak, Koerber and Sitel. The operation, worth around 16 million euros, strengthens CORUM’s presence in Portugal. CORUM Eurion, a fund launched in 2020, aims exclusively at Portugal’s institutional clients. CORUM, present in seven countries in the Eurozone, entered our country in 2014, has a portfolio of 13 buildings in Portugal, and has already invested more than €86 million, having opened a branch in Lisbon in 2019.

Meanwhile, the W Algarve luxury resort was inaugurated following an investment of around €300 million. The W Algarve is the first W brand luxury resort in Portugal, located at the at Praia da Galé in Albufeira. W Hotels Worldwide announced the opening of the W Algarve, which is part of Marriott Bonvoy’s portfolio and owns more than 30 hotel brands. The company’s latest hotel joining the W Escapes family is located atop the cliffs in the Praia da Galé area. It features 134 west-facing rooms and suites and 83 W-branded residences.

With the week ending and still in the hotel sector, there came the announcement of the new Hotel IMMERSO that will open in Ericeira in a €6 million investment by Inspire Capital. The hotel unit will be the first 5-star hotel in the region, with 37 rooms, a spa, pool, bar and two gastronomic spaces. IMMERSO will be the first 5-star hotel in Ericeira and will be inaugurated on 15 June. The 5-star unit is located in a valley and combines four different accommodation areas, all embraced by the green surroundings. The project’s defining attraction is its contact with nature.

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 30, 20222

The Pestana Group has inaugurated the Madeira Acqua Residences after an investment of 100 million euros.

With summer coming, these last days of May began to heat up, and the same applied to the real estate market, which was particularly fervent during the last week. Real estate investments were particularly dynamic across the board.

The week was beginning when Novo Banco announced the sale of a portfolio of logistics properties. The deal’s completion is expected to have a positive impact of around 35 basis points on the Novo Banco group’s total capital ratio. The buyer’s identity and the amount of the sale of the logistics properties located in Portugal were not released. At stake are real estate assets held mainly by the real estate funds NB Património and NB Logística, both managed by GNB Real Estate. On average, Novo banco held around 75% of the said real estate assets in March 2022.

Meanwhile, Sonae Capital opened a luxury hotel in Porto after an investment of around 20 million euros. The 68-room Editory Boulevard Aliados Porto Hotel is the latest five-star hotel to open in Aliados. The Editory Boulevard Aliados Porto Hotel is in the heart of the city of Porto. It offers nearly seventy rooms, a heated outdoor swimming pool, two meeting rooms, a sensorial provocation restaurant and a cocktail bar. The hotel results from a partnership between FVC Group and SC Hospitality, with an architecture and interior design project designed by Ding Dong.

The week was still in its early stages when a new British School of Lisbon campus was revealed, resulting from a €30 million investment. The second campus, measuring 7,000-m2s, has 30 classrooms, a swimming pool complex and sports pavilion and will be located on land adjacent to the Belenenses stadium. Following an agreement with the Belenenses Football Club, the British School of Lisbon plans to open its second campus in Lisbon. The space will be built on land located just above the main stadium.

As the week was ending, it became public that the Pestana Group had inaugurated the Madeira Acqua Residences after an investment of 100 million euros. Madeira Acqua Residences results from the refurbishment of the Madeira Palácio Hotel and has 181 flats with one to four bedrooms and penthouses. More than 60% of the units have already been sold. Madeira Acqua Residences has over seven thousand square meters of green area, direct private access to the beach and an infinity pool on the edge of the cliff, immediately overlooking the sea. The real estate project located in Madeira, also offers a gym, swimming pool, relaxation, social and work areas, and parking for residents and visitors.

#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.