• Transaction / Assets
    Tabnit's Palácio do Comércio Sold to International Investors
  • Seller
    Luciano Fernando Coelho da Silva
  • Buyer
    William Christopher Henri Tonnard, Eric Andre Memeth, Carlos José Marçal Teixeira da Silva
  • € MM
    n/a

Palácio do Comércio Sold to International Investors

15 February 2018

The Palácio do Comércio, or the Commerce Palace, the most imposing and iconic building on the Rua Sá da Bandeira in Porto, was sold to a group of international investors, who are preparing a far-reaching rehabilitation project, according to news published in the real estate section of Vida Econômica.

The Palácio do Comércio was owned by two companies, Altar – Sociedade de Investimentos Imobiliários SA. and Tabnit – Gestão de Parques, Unipessoal Ltda., which have as their president and manager Luciano Fernando Coelho da Silva, along with a group of other shareholders.

The report stated that Tabnit, which owned approximately 80% of the property was sold to new shareholders, made up of a group of foreign investors. Among the buyers are the American William Christopher Henri Tonnard, who is linked to tourist accommodation companies and digital platform, like lovelystay, Eric Andre Memeth, a French investor, Carlos José Marçal Teixeira da Silva, and Marie-France Boulet, who has since left the group.

The company Altar, owned by Luciano Coelho da Silva, Istidiatun Haryono da Silva and Sofia Rocha Cardoso Moreira de Melo, continues to hold roughly 20% of the property, consisting of one of the four entrances to the Palácio do Comércio, 481 Rua de Sá da Bandeira, together with the store-front that is home to a branch of the bank Millennium BCP.

Luciano Coelho da Silva is the honorary consul of Indonesia in the city of Porto, where he spends a considerable amount of time. He is also the president of the Consular Association of Porto whose objective is to foster friendly relations between the consular posts north of Coimbra. The executive was also one of 11 economists who supported Rui Rio in the PSD’s election for its president.

The amount of the transaction was not disclosed. However, it believed that the property could be valued at between 20 and 40 million euros.

Conversion project under study

Few details were given regarding the reconversion project for this charismatic, modernist building, considering that, at the moment, it is still under study. However, indications are that it could include a mixture of a hotel, housing and commerce. According to some sources, the investors intend to make the Palácio do Comércio an integral part of Porto. They are studying the possibility of converting the inner courtyard and allowing access to the public. The investment in the reconversion of the property is expected to be around ten million euros.

However, the property’s new owners are taking care not to elaborate on the future conversion of the property, as they expect to invite various entities linked to culture and the city to give their opinions on the project.

These days, while the Palácio do Comércio has both services and housing, and, more recently, local tourist housing, the building is partially unoccupied as the property has been on sale for about two years.

The sale of the Palácio do Comércio was confirmed to Vida Econômica by a source linked to the owners, who, however, declined to provide additional details related to the transaction, referring to a public announcement regarding the project that is expected shortly.

Original Story: Diário Imobiliário – Elisabete Soares

Translation: Richard Turner