Category: Offices

The Portuguese Real Estate Market in June

June is one of the most anticipated months throughout the country as it is a time of great festivities and also a period of downtime and vacations. However, this tranquility that reaches many sectors did not affect the real estate market, which once again showed strength with significant investments in various segments and again from north to south of the country.

Last month, in a general analysis, the most prominent segments were residential, which, although with limited supply, is announcing new and important projects. In addition to housing, new hotel units are also emerging, accompanying the arrival of summer with their inaugurations.

Residential

At the beginning of the month, the start of the Rehabilitation Plan for 11 neighborhoods in Lisbon was made public, endowed with 40 million euros. The company Gebalis will begin the Rehabilitation and intervention Plan in 11 neighborhoods in Lisbon, with a total investment of 40 million euros until 2026. The rehabilitation will begin in Bairro dos Alfinetes, in the parish of Marvila, and the works will cover seven buildings and 68 units, with interventions planned on the roofs and facades.

Also, on the southern shore of the Portuguese capital, a residential development will be built next to Fórum Barreiro. The real estate developer Screendomus is responsible for the residential promotion of 200 apartments under construction next to Fórum Barreiro, the “Platinum Barreiro” project, whose commercial value exceeds 90 million euros. In the first phase, the T2, T3, and T4 typologies are launched, distributed on seven floors and five buildings, constituting 116 apartments out of the total investment. The first 62 apartments, blocks one and two, have a delivery deadline for the first half of 2025.

Also in Lisbon, the City Council and the IHRU (Institute of Housing and Urban Rehabilitation) have closed an agreement to invest 322 million euros in public housing. According to the City Council, approximately 100 million euros will be allocated to the rehabilitation of municipal housing. Out of these 100 million, 15 million will be allocated to continue the effort to rehabilitate vacant housing, benefiting 620 units, and the remaining 85 million will be used to rehabilitate buildings with deplorable conditions, benefiting 8,543 units. The remaining 222 million euros will be allocated to housing investments between 2027 and 2028.

In the south of the country, Vilamoura World presents two new developments. Vilamoura World presents its recent real estate projects, Natura Village and The Nine. With the presence of golf courses and the Natural Park, covering 170 hectares, Natura Village is an option for those who want to live in harmony and surrounded by nature, including hiking trails and even bike lanes that allow you to reach the beach, the center, and Vilamoura Marina in just 10 minutes. The second project, The Nine, is located in a consolidated area of Vilamoura, near the clubhouse of the Victoria golf course.

In the north, the news arrived that Grupo CVM is investing 13.5 million euros in the construction of the Edifício Pacífico. The construction of Edifício Pacífico was announced by Grupo CVM, located in Vila Nova de Gaia, and represents an investment of 13.5 million euros. The works, which are about to begin, will build apartments of the T1 (10), T2 (27), T3 (21), and T4 (4) typologies and are expected to be completed in October 2025.

Offices

Mapfre has invested 20 million euros in the acquisition and remodeling of the building José Malhoa 13. The Spanish Group has acquired the building José Malhoa 13, investing an amount of 20 million euros, which includes the acquisition and remodeling of the property. The building, with an area of 4,700 m2 and nine floors, will be renovated to meet the recent trends in architecture and interior design, emphasizing collaborative spaces and paying special attention to the needs of hybrid work models. The ground floor will feature a flagship store, which will be Mapfre’s main store in Portugal.

Meanwhile, BNP Paribas REIM has acquired the office building Pier III. The building, which is currently the new headquarters of Accenture in Portugal, has a total area of 4,500 m2 and offers 101 parking spaces. With a project by the architect Carrilho da Graça, Periptero has created a “cutting-edge” building that is one of the most iconic in Lisbon’s riverside area. The investment amount was not disclosed.

It was also announced that Signal Capital and Sonae Sierra will develop a mixed-use project, República 5. The mixed-use project República 5, located in Lisbon, is being developed by Signal Capital and Sonae Sierra, and features 12 floors dedicated to offices and a single residential area with 20 housing units. República 5 is located in one of the most prestigious areas of Lisbon, next to Saldanha, and dedicates most of its surface (11,600 m2) to offices, distributed over 12 floors.

Industry and Logistics

In this segment, it was learned that an industrial plot of land in Carregado was sold by CBRE. The consultancy firm was responsible for the sale of an industrial plot of land in Carregado, composed of two assets, with a total area of 20,000 m2. The plot, located in the municipality of Alenquer, consists of two assets with a total area of 20,065 m2 and a potential for construction of approximately 10,000 m2. One of the plots has an existing building of 2,600 m2, while the other plot already has an approved PIP (Preliminary Investment Project) that foresees the construction of 6,760 m2.

Shortly after, Garland Group announced the opening of a fourth logistics center in Gaia. The Garland Group will open a new logistics center in Gaia, adding up to four centers in the municipality, with 10,500 m2. This is the third logistics center of Garland Logistics to open within a year in Gaia. The company has six centers in the north, two in the center, and two in the south of the country.

Retail

The Commercial Gallery of Alverca will receive an investment of 32 million euros. NHOOD Portugal will invest 32 million euros in its project to transform the Commercial Gallery of Alverca, a space it manages and in which it will invest around 32 million euros, on behalf of Ceetrus, the new owner of the asset in co-ownership with Auchan.

One of the major milestones of the month was the announcement by Borgwarner of a 90 million euro investment in a new industrial unit in Viana do Castelo. The American company inaugurated in the Lanheses Business Park, in Viana do Castelo, a new industrial unit for the production of electric motors and components for electric, heavy, hybrid, and 100% electric vehicles. The investment, exceeding 90 million euros, will take place over a year, until June 2024, focusing on energy transition and will create 350 new jobs.

Hotels

In this segment, as the month comes to an end, it was learned that the hotel group Grande Buganvilia was sold to Capital Elements. The hotel group Grande Buganvilia, currently owned by Flitptrel Portugal and part of the activities of Davidson Kempner in Portugal, which operates two hotels in the Algarve, has been sold to Capital Elements, a company that is part of the Arrow Group. The transaction refers to the sale of the first asset that DK Partners bought from the banks that own the ECS funds.

Meanwhile, the opening of Vila Galé Collection Tomar has been announced. Scheduled to open on July 1st, Vila Galé Collection Tomar represents an investment of 14 million euros and is the result of the recovery and redevelopment of two emblematic buildings, the former Convent of Santa Iria and the former Women’s College. The new hotel unit has 100 rooms.

At the end of the month, Montebelo Aguieira Lake Resort & Spa presented a new hotel unit. In addition to its privileged location, 20 minutes from the A1 and the city of Coimbra, this 5-star lakeside resort introduces a new hotel unit this year with 58 rooms. The resort also offers 155 one to three-bedroom apartments and four-bedroom villas, the latter with a private pool.

Alternative Assets

In this segment, Cushman & Wakefield announced that it will assume the management of seven assets from MEAG’s portfolio. The consultancy firm has won the management of 48,000 m2 of office assets with three buildings located in Arquiparque, two in Quinta da Fonte, and two on Avenida da Liberdade. MEAG is the asset manager of the Munich Re Group, with branches in Europe, Asia, and North America, offering its know-how to institutional investors as well as private clients outside the group. It currently manages assets worth around 307 million euros, of which 55 million euros belong to external investors.

On the other hand, Albatross Capital and Quantico join forces to create Quest Capital. The joint venture formed by the Spanish company Albatross Capital and the Portuguese company Quantico SA launches Quest Capital, a company that incorporates the operations developed jointly by both companies, integrating their projects, experience, teams, and capabilities. Quest Capital, a pan-European real estate investment and asset management company, is born with over one billion euros of assets under management, 600,000 m2 of real estate assets, and over 6,000 residential and commercial units in its portfolio.

#Brainsflash – Of note last week was the announcement that Solyd launches Élou residential project in Loures in a 75 million investment

May, 29, 2023

Valongo Business Park is under commercialization

Cushman & Wakefield is responsible for leasing the Valongo Business Park, a business center created through the renovation of the former Lear Valongo facilities. The park, located in Valongo, Porto district, will be divided into two modules measuring 9,900 m2 and 6,750 m2 respectively, offering spaces starting from 270 m2 that can accommodate either a single tenant or up to 31 occupants. In addition to the modules, the park will feature 852 m2 of office space dedicated to coworking and supporting small and medium-sized enterprises (SMEs) as well as social institutions in the region.

Hisense sets up at Lagoas Park

Henderson Park, the owner of Lagoas Park, will welcome Hisense to its business park. The Chinese technology multinational, previously located in a small standalone building in Porto Salvo, has chosen Lagoas Park as its preferred business complex in Portugal, aligning with Hisense’s growth strategy. Henderson Park is undertaking a significant capital investment program of 25 million euros to modernize Lagoas Park and create a thriving environment and community.

Savills Investment Management invests 39 million in the acquisition of a supermarket portfolio in Portugal

Savills Investment Management has acquired a portfolio of supermarkets in Portugal for 39 million euros, covering a total area of over 21,600 m2. The transaction was completed on behalf of the European Food Retail Fund (EFRF) managed by Savills Investment Management. The international real estate investment manager has successfully acquired a portfolio of four strategically located supermarkets in Porto, Algarve, Castelo Branco, and Nazaré.

Alegro Alfragide Invests 10 million euros in refurbishment project

Nhood Portugal has announced the start of renovation works at the Alegro Alfragide Shopping Center, with an investment of 10 million euros. The shopping center is one of Nhood’s managed assets and is co-owned by Ceetrus Portugal and CBRE Investment Management. The main objective of this renovation project is to enhance the customer visiting experience and, as a result, increase the attractiveness and commercial value of the property.

Solyd launches Élou residential project in Loures in a 75 million investment

SOLYD has launched a new residential project called ÉLOU in Loures, featuring 266 apartments within a gated community. ÉLOU is the name of the gated community, offering spacious apartments ranging from T1 to T5, along with amenities such as an outdoor pool, gym, multipurpose room, and decorated lobby. The apartments are spread across 17 buildings. Located in Santo António dos Cavaleiros, ÉLOU provides direct access to the center of Lisbon and other parts of the country. It is also less than 10 km away from Lisbon Airport and the Vasco da Gama Bridge.

AURYA development reaches 70% sales

The AURYA project by Habitat Invest and Bain Capital Credit has achieved 70% sales in the same week construction begins. In 2020, Habitat Invest partnered with Bain Capital Credit to develop the first residential project in Loures, targeting a market segment with lower purchasing power. The project, named AURYA, has been a successful sales venture, with a significant portion of Portuguese buyers. The AURYA project consists of 25 buildings developed in multiple phases, totaling over 75,000 m2 of gross construction area, with approximately 50,000 m2 above ground. This will introduce over 400 new homes, ranging from T1 to T3, into the market.

#Brainsflash – Of note last week was the announcement that Lagos will host a new five-star tourist resort

May, 22, 2023

Student housing to be built in Avepark

The Guimarães – Avepark Science and Technology Park will have a building dedicated to accommodating university students. The accommodation facilities will include various types of units, such as individual rooms, double rooms, studios, and different-sized apartments. The building will offer a range of options, including 20 individual rooms, 35 double rooms, 24 studios, four T0 apartments, 22 T1 apartments, and five T2 apartments.

Lagos to host new five-star tourist resort

A new luxury tourist development with a capacity of 402 beds is planned for Monte da Atalaia, Lagos, representing an investment of approximately 14.4 million euros. The five-star hotel will consist of 201 accommodation units and aims to establish a hotel operated by the Marriott Hotels chain. The project aims to provide high-end accommodation and promote tourism in the area.

A new development is to built next to Areeiro

The Vision Areeiro project consists of 74 apartments spread across 12 floors, including T0, T1, T2, and T4 units, as well as a spacious Penthouse. Additionally, there are coworking and gym spaces. The development is situated in a peaceful residential area between Parque das Nações, Avenida de Roma, and Lisbon Airport, providing quick and easy access to major roads and public transportation networks, including the metro. The investment value for the project has not been disclosed.

Claranet opens office in the Beato Creative Hub in a investment of six million euros

Claranet, with an investment of around six million euros, becomes the first private company to open its doors at the Hub Criativo do Beato in Lisbon. The brand’s new headquarters spans over 4,000m2 and is designed to accommodate up to 500 employees simultaneously. The innovative office concept focuses on sustainability, energy efficiency, productivity, and employee well-being.

Finangeste acquires old Castil cinema and will invest 4 million euros in rehabilitation

Finangeste has acquired the former Castil cinema premises from BBVA and will invest 4 million euros in its rehabilitation. The company aims to transform the space into a disruptive office that can accommodate high-quality tenants. The former cinema, which opened on February 2, 1973, and closed in 1988, has an area of approximately 1,600m2 and previously housed a BBVA branch.

 

The Portuguese Real Estate Market in April

As the second quarter of the year gets underway, April proved to be a very robust month in terms of transactions and investments. Mainly in the housing and hotel segments, which continue to show their dynamism in recent months.

We also highlight that Aura REE Portugal announced that it is now a member of IES (International Ethics Standards) as a Business Supporter of the organisation. IES is an international organisation / coalition of Ethical Standards, which aims to maintain and promote a universal set of ethical principles for real estate and related professions. Adherence to IES is recognition of Aura REE Portugal as a company with high integrity.

Housing

As the month gets underway, Taga Urbanic has announced a €60 million investment in the Sal D’Ouro residential building. The development is located near the Foz of Vila Nova de Gaia and consists of 31 flats.

Immediately afterwards it was made public that Benfica, in Lisbon, will receive a housing complex with 266 homes in an investment of around 50 million euros. It is on the former premises of the Laboratório Nacional de Investigação Veterinária (National Veterinary Research Laboratory) that buildings will be constructed under a controlled cost housing regime, for housing but also for commerce and services. The tender for the new affordable housing complex that will be built at Quinta da Baldaya was launched by the Institute of Housing and Urban Rehabilitation – IHRU.

Meanwhile, a new residential project “As Camélias” is to be built in Porto. The development is located in a residential area par excellence, close to the well-known Boavista/Foco residential park. The private luxury condominium is situated on a 5,350 m2 plot of land, has a total of 20 single-family homes, distributed over four modules, and is developed around the original building, which was remodelled and transformed into three homes. The investment value was not disclosed.

Also in the north, Predibisa is marketing the residential development SPLENDOURO Marina Houses. The project, whose investment is estimated at 15 million euros, is located near the Afurada area in Vila Nova de Gaia and was developed by architect Miguel Nogueira, from the NN Arquitetura team, for Sharp Developers, which is the promoter of the investment. The SPLENDOURO, which has 11 houses, of typology T4 – Garden Houses and T5 – Panoramic Houses, is in the marketing phase, with an estimated conclusion of the work in May 2024.

With April halfway through, Dynasty Homes announced the investment of 30 million euros in the Herdade do Meio development. Dynasty Homes will make this investment in its latest real estate project, located in the municipality of Seixal, which is already under construction. The residential development comprises 70 houses and is set in an 11-hectare plot, with green areas, children’s playgrounds and paddle tennis courts.

Finally, Belas Clube Campo announced an investment of 18 million euros in the Orion project. The development is designed by the architect Eduardo Capinha Lopes, and has 34 flats, of typologies T1 to T5, with values from 360 thousand euros, distributed over 3 floors. It has ample gardens, garage and storage room, and also a commercial and services area. Currently, the project is in the launch phase, with exclusive conditions, and will be completed by the end of 2025.

Offices

Mid-month saw the announcement of the marketing of República 41. The marketing of the building, which is 100% occupied, took place during the modernisation process of the space. During the last 18 months, the building has undergone refurbishment works and has a total area of over 1700 m2, distributed over nine floors. The building, located in one of Lisbon’s main avenues, will also have a common terrace on the first floor. The investment value of the operation was not disclosed.

At the end of April, it became public that EastBanc Portugal’s most recent rehabilitation project, Alegria One, reached a 100% occupancy rate. The building, which has 2.800 m2 of construction area, 7 floors and about 2.200 m2 of commercial area, is designed by the architect Eduardo Souto Moura. It is located in Lisbon, at number 85 of Avenida da Liberdade and number 1 of Praça da Alegria, and is fully adapted to the new market trends. The office floors of Alegria One are currently occupied by companies such as Dior, Dentsply Sirona, Faber Ventures and Portugal Homes.

Logistics

Earlier this month, it came to light that the Rainha Green Logistics Park logistics complex was handed over by the Aquila Capital group. The logistics complex was formally delivered and represents the first investment in Portugal of Aquila Capital Group’s Green Logistics brand related to logistics. This logistics complex, with two buildings, and the associated urbanisation works, represent an investment of around 100 million euros. The construction works of the logistics complex, located in Azambuja, were carried out by GSE.

Retail

In this segment, Aldi Portugal and Mercadona were the food retailers with the most announcements in April. Right at the beginning, Mercadona announced that it will open 10 new shops in Portugal by 2023. The supermarket company thus continues with its expansion plan. Mercadona will double its investment to 280 million euros by 2023, which is earmarked for the construction of the future Logistics Block in Almeirim and for the opening of new shops.

Meanwhile, ALDI is opening its first shop in Montijo, and the construction project for the new space includes the widening of one of the main avenues in the municipality. Currently, the retailer has 17 shops in the district of Setúbal, and arrived in Montijo, this being the 128th shop in the country. The new shop has a total sales area of 1,040 m2.

Finally, Aldi opens its first shop in Guifões in a 4 million euro investment, this is the fourth Aldi shop in the municipality of Matosinhos. The space has a total sales area of 1,000 m2, and its construction project made it possible to improve the urban environment around the shop, redevelop part of Avenida Doutor Salgado Zenha, where it is located, and build a roundabout for greater customer convenience.

Student Residences

In this segment, Smart Studios announced the launch of two new student residences in Lumiar, Lisbon. Smart Studios will start the construction of the new student residences. Engexpor is in charge of the construction management. The buildings that will host the residences will provide 635 lodgings and will be built on plots 2 and 12 of the most recent development in the Alta de Lisboa urbanization.

Hotels

Right at the beginning of April, the new Arts Hotel Porto, Tapestry Collection by Hilton, opened its doors in the historic centre of Porto, in an investment of 15.4 million euros. The opening of this hotel unit is the result of the rehabilitation of a historic and vacant building. The new space has with 2.300 m2, and 53 rooms with high standards of elegance and comfort.

The month was already halfway through when the Renaissance Porto Lapa Hotels opened. The new hotel is the result of a 56 million euro investment by Mercan Properties. Renaissance Hotels, a brand that is part of Marriot Bonvoy’s portfolio, debuts its presence in Portugal by opening the Renaissance Porto Lapa Hotel, located in the historic district of Lapa, in Porto.

Finally, Hilton announces an investment of 60 million euros foreseeing the opening of four hotels still this year. The Hilton chain plans to open four new spaces in Portugal, in 2023 and to double its hotel network in the next three years, by opening nine hotels spread across the Portuguese territory. This also reflects the reinforcement of the current teams of the hotel chain’s eight hotels. This year, and after the opening of the Tapestry Collection by Hilton, in Porto, the result of an investment of 15.4 million euros, there are plans to open the Hilton Garden Inn Évora (investment of 21 million euros), the Legacy Hotel Cascais, Curio Collection by Hilton and DoubleTree by Hilton Lagoa Azores, in a total investment of around 60 million euros.

#Brainsflash – Of note last week was the annoucement that Torres Vedras will receive Portela da Villa development in an investment of around 200 million euros

May, 08, 2023

Silver Coast receives West Cliffs Ocean and Golf Resort Development

West Cliffs Resort and Century 21 presented the new West Cliffs Ocean and Golf Resort, a 5-star resort located in Costa de Prata. The development includes 261 lots and 469 housing units, ranging from independent houses to townhouses and apartments, all designed to harmonize with the surrounding natural landscape. Oxy Capital is the project promoter and the resort is located between Baleal Beach, Obidos Lagoon and Foz do Arelho.

Cushman & Wakefield takes over Serris REIM’s portfolio management in Portugal

Cushman & Wakefield selected to manage over 20,000 sqm of assets in different sectors. French company Serris REIM has over €500m in assets under management. The managed assets include logistics, healthcare, and office properties.

LX Capital presents Avenida Valbom Higher Living project in Cascais

LX Capital unveiled its first project in Cascais, the Avenida Valbom Higher Living, a luxury apartment complex located in the historic center of the village. The project features four luxury apartments, one of which is a penthouse with a private pool and a view of Cascais Bay. The investment value for the project has not been disclosed.


Torres Vedras to receive Portela da Villa Development in na investment of arround 200 million euros

LeapAssets presented its latest project in the Portuguese market, the Portela da Villa development in Torres Vedras. The development will have around 260 lots and 800 homes, as well as retail and service units. The completed development is expected to house nearly 3,000 residents.

Dan Cake buildings acquired for 22 million euros by Portugal’s largest real estate fund

The real estate investment fund CA Património Crescente, the largest with activity in Portugal with over €1.1 billion in assets under management, has acquired Dan Cake’s buildings in Portugal for around €22 million. The buildings include the headquarters, offices, and warehouses of Dan Cake, located in Póvoa de Santa Iria, as well as the facilities of the company’s only factory in the country, located in Coimbra. The acquisition represents a significant investment in the real estate market and strengthens the fund’s portfolio in the industrial sector.

The Almar South Living development in Almada will be built in an investment of 130 milliion euros

The ALMAR South Living project by Habitat Invest and Patron Capital Partners will offer 514 new apartments distributed over 13 buildings. The project is aimed at the middle class and designed by Saraiva + Associados, with construction taking place in three phases. The development will cover an area of 9,600 m2, with a construction capacity of approximately 51,000 m2.

Aura Group announce the opening of its new office Aura REE France in Paris

April, 10, 2023

Leading Real Estate advisory firm on portfolio valuations, currently with offices in Spain, Portugal, Italy, Greece and soon Cyprus. Aura REE have a qualified team of real estate experts and its proprietary bigdata platform with over 100 Million comparables since 2009, it give at Aura REE a great knowledge of the real estate prices and transactions. Core clients are institutional investors, financing banks, investment banks, hedge funds, developers, and local sellers (banks). Aura REE advise clients on different asset typologies (residential, land, WIP, hotels, nursery homes, touristic apartments, industrial warehouses, commercial and retail assets,…) specially on large portfolios brought to the market (REOs, NPLs, developer loans, ….).

Fernando Acuña, President of Aura Group, said “Aura REE Group continue its strategy of expansion, after 2 years of preparation and compilation of the data, we are now ready to open in France, one of the biggest Real Estate Investment Market and one the biggest NPL stock. We are bringing a new approach to the real estate market, combining data, real estate insights and processing capabilities with local knowledge. We will help our international clients to better understand the French market while introducing our methodology to local players”

Benjamin Girard, Country Manager of Aura REE, said “With a such amount of stock and transactions, we open in France at the perfect timing. I’m glad to join Aura REE and its so valued team, and I’m impressed by the quality of our Real Estate Big Data platform. I know that the period is challenging but as I said, the more market prices go down or up, the more you need to know your asset value. It’s for us a good opportunity to provide one of the best solution for our partners.”

Aura REE is also launching its Real Estate Big Data platform on the French Market  Brainsre. Find all the data you need to make real estate decisions and incorporate it into reports, models and presentations. Brainsre is the big data platform chosen by investors in the real estate sector, bank & insurance and developers, thanks to the quality and quantity of its data but also due to its solutions adapted to each client.

Aura REE Portugal reinforces its presence in the country with the change of office

February, 09, 2023

Aura REE Portugal, a leading company in consultancy and valuation of real estate asset portfolios, has just announced its move to a new office, located in a premium area of Parque das Nações, in Lisbon.

The move to a new space is part of the company’s expansion plan and reflects the team’s growth in recent years. Aura REE Portugal has its new headquarters in Edifício Infante, located next to Gare do Oriente and the Vasco da Gama Shopping Centre.

Reinforcing the brand’s strong identity, Aura REE Portugal intends to enhance skills in the various areas of the sector, improve the Capital Markets area, as well as the Business Development Services department.

The new office is a clear commitment to modernity, sustainability and offers spacious and comfortable work areas, with a strong commitment to natural light through its large windows. The new headquarters aims at acting in response to the dynamics of the national market and the challenges that the real estate sector presents throughout the territory.

Also present in other European countries, this change of office by Aura REE Portugal aims at providing its employees with a variety of spaces with social and collaborative areas which will enhance their well-being and comfort.

For José Covas, Managing Partner & Head of Portugal at Aura REE, “Offices should not simply replicate some environments that teams have available in their homes, but add value to work and personal life. Furthermore, a workplace must be tailored to its strengths, with a renewed focus on cooperation, well-being, socialization and improvement of equity and productivity.”

The office in Edifício Infante has recently undergone extensive refurbishment works and becomes the new address of Aura REE Portugal, at Avenida Dom João II, 35, 3F, 1990-083 Lisbon.

About Aura REE Portugal:

Aura REE Portugal is a leading company in consultancy and valuation of real estate asset portfolios, currently with offices in Spain, Portugal, Italy and Greece and expanding into Latin America. It has an excellent team of real estate specialists in different areas, from urbanism, construction, research, economics, architecture, tourism/hospitality, engineering or management, among others.

In Portugal, Aura REE advises on different types of assets, with special focus on large portfolios of REOs and NPLs and strategic consultancy and market analysis in real estate development projects. The company is regulated by the RICS (Royal Institution of Chartered Surveyors) and is registered with the CMVM to carry out valuations for the financial market.

 

#Brainsflash – Of particular note in the past week was the announcement of Kronos Real Estate Grupo, of the expansion of its portfolio in Portugal. Assets include approximately 750 properties already built and 425 units to be developed.

February, 06, 2023

Last week, there were some announcements about new investments, but mostly they were devoted to the presentation of studies and statistics of some real estate companies trading in the market. Between balance sheets for 2022 and perspectives and analyses for 2023, this is the way January ended and February began. However, the sector brought some novelties of great relevance.

On the last day of January, it became public that the former headquarters of a recognized German pharmaceutical company, in Carnaxide, had been transacted to a national family office. The “stand-alone” building has 5,600 m2, is close to several headquarters of international entities, and also to the ALEGRO shopping centre. The value of the investment has not been disclosed.

Meanwhile, with the month of February starting, Kronos Real Estate Group, announced the expansion of its portfolio in Portugal. The assets include around 750 properties already built and 425 units to be developed. The deal represents a potential of more than 1,000 million euros in property sales. Through this new significant acquisition, Kronos Real Estate Group positions itself as one of the main resort managers and real estate developers in Portugal, which will now manage and operate a portfolio of 14 projects.

Afterwards, the Portuguese company Inipol acquired, from Caixa Geral de Depósitos, an industrial unit in Marinha Grande, with around 10,000 m2. The transacted property consists of two naves with basement, which include two warehouses, one of which also has spaces dedicated to manufacturing and administrative services. The industrial unit has been vacant for approximately 10 years and the new owner is going to renovate the property. The investment value has not been disclosed.

Finally, there was the announcement of 47 million euros invested in a tourist development for seniors in Vilamoura. Domaine de Vilamoura is part of a large mixed-use urban requalification project that will include residential buildings, tourist accommodation, shopping and leisure areas. The development has an area of around 13,000 m² and the tourist apartment building will have 159 apartments. The new development, located in Vilamoura, is the result of a partnership between Nexity Portugal, the AEGIDE Group and Perial ASSET Management.

#Brainsflash – Of note last week was the announcement by the promoting company Carvoeiro Branco that it is going to invest 132 million euros in seven new projects in the Algarve

February, 23, 2023

Not even the last colder days have cooled down the real estate market in the country. A little from north to south, some transactions and several investments were finalized. In the past week, prominent announcements have come out in most segments of the industry.

Monday was a day full of news. To start the week it became public that M7 Real Estate has vsold the Forte 9 building to Lusoproa. The former installations of Cervejaria Lusitânia used to operate in the property. With licensing approved, the Forte 9 building, located in Carnaxide, Oeiras, will be entirely dedicated to services, totalling around 3,500 square meters of ABC (Área Bruta de Construção – Gross Construction Area). The transaction amount has not been disclosed.

Secondly, Mota-Engil proceeds with an investment of 70 million in a residential project in Porto. AURIOS, the new luxury development consists of 26 villas, 22 flats and is located on the banks of the Douro River, in Quinta da China. With an area of 15,583 m2, the construction of the AURIOS will be completed in the first quarter of 2025. EMERGE – Mota-Engil Real Estate Developers has just started pre-selling the AURIOS.

Meanwhile, Vanguard Properties has acquired 50% of ECOSTEEL in an investment of 30 million. The investment will enable the creation of a new industrial unit for the production of cross-laminated wood for the construction of tall buildings.

Finally, Belgian promoters announced an investment of 70 million euros in the Arcoverde – new urban living project. Krest Real Estate investments and Revive, announced their first partnership in Portugal, the development is located in an area undergoing rehabilitation in the municipality of Oeiras.

On Wednesday, CUF informed that it is opening a clinic in Leiria as a result of an investment of eight million euros. The most recent unit in the CUF network is located in an area of over 1,300 square metres, in the Urbanização da Quinta da Malta. The construction of a hospital is also planned, which will represent an investment of 50 million euros.

Soon after, it became known that the promoting company Carvoeiro Branco is going to invest 132 million euros in seven new projects in the Algarve. Carvoeiro Branco, led by businessman Erik de Vlieger, will launch the projects in the municipality of Lagoa, in the Algarve, with an investment estimated at 131.9 million euros. The promoter is a minority shareholder of the Carvoeiro Clube Group.

To close the week, it has also been announced that Galp is changing its headquarters to the ALLO – Alcântara Lisbon Offices. The oil company will change its headquarters, moving from the Torres de Lisboa to the ALLO – Alcântara Lisbon Office. The change of headquarters should take place at the end of the year and the rent of the new space reaches five million euros per year.

The State of the Portuguese Real Estate Market in November

With the end of the year almost at hand, the month of November proved to be a dynamic period in terms of new investments and transactions. Operations of great importance were witnessed in the real estate market, a little across all segments. To highlight is the housing segment, which has been distinguishing itself more and more, trying to fill for the lack of offer in this segment, in Portugal. The office, retail and hotel segments were also very relevant to the growing speed of news.

 

Housing

At the beginning of the month, it was announced that Barreiro will receive a new development, the JaBa – Jardim Barreiro. The new residential project consists of three buildings, incorporated into a single development, creating a complex of modern flats, which rise in the historic centre of the city.

In the middle of the month, the real estate developer, IMOLOTE – Investimentos Imobiliários, announced the investment of 5 million euros in the reconstruction of a vacant building. Dom Hugo will be built in the historic centre of Porto and will have 16 flats aimed at the segment for youth. Reconstruction will begin in 2023 and completion is expected by the end of 2024.

Fercopor announced a new luxury development in Porto, named PURE. The new real estate project is the result of an investment of 18 million euros. It is located in Boavista and is scheduled for completion in 2025. The development comprises three buildings that are linked by landscaped alleys.

With November coming to an end, ADDSOLID announced the investment of 30 million euros in a new project in Loures, which brings together housing, commerce and a vast network of services, with emphasis on a senior residence and a long-term care unit.

Another investment was also made public, this time by GFH, which went ahead with the new residential project “The Yard”, located in Jardins da Arrábida, in Porto, close to Arrábida Shopping and the future Porto-Gaia underground. The construction process began this year in May, and the first residents are expected to arrive in the second half of 2024.

At the end of the month, Avenue launched the “Sandwoods” residential project, with an investment of 70 million euros. Sandwoods, comprising 39 houses (Pool Villas) of typologies T3 and T4, and 6 dwellings (Main House) comprising typologies T1 to T4, is located close to Lisbon and to the Sintra-Cascais Natural Park as well as to Quinta da Marinha.

Offices

The month was starting when the AFA Group and Socicorreia announced the acquisition of two buildings in the centre of Lisbon. The AFA Group bought an asset on Av. 5 de Outubro, with around 8,000m2 of gross area, spread over 11 storeys, while the Socicorreia group acquired a building on Av. Viscount of Valmor. The business represents an investment of around 27 million euros. Both properties are currently used for office, retail and parking spaces; however they will be converted to residential use.

At the end of the week, it became public that the US fund Cerberus put up for sale the Fidelidade headquarters building, located in Largo do Calhariz, in Lisbon. At the end of 2019, Fidelidade sold the Arya portfolio to the US fund, which included the insurance company’s headquarters building.Now, after three years, Cerberus is putting up the property for sale. The building houses the headquarters of Fidelidade and also has Caixa Geral de Depósitos as a lessee.

In the middle of the month, Incus Capital announced the investment of 7 million in the D.M2 building in Porto. The Spanish company will commence with the rehabilitation project of one of the most emblematic buildings in Porto, known in the city as “Edifício Tranquilidade”. The property, whose works should be completed by the end of the year, was so nicknamed for displaying the colours and symbology of its main tenant.

Logistics

Mistolin announced its new logistics centre, with an investment of 5 million euros. The new centre will emerge in the industrial zone of Vagos, in Aveiro, adjacent to the company’s building. With an operating date scheduled for 2023 or 2024, the project aims to create an interconnection among all the commercial systems of the group, therefore serving the entire MSTN group.

 Retail

At the beginning of the month, Prime Portugal acquired the CascaisVilla Shopping Centre, an asset that was sold by Bain Capital Credit. The commercial project, which is located at the entrance of Cascais, is currently in operation, however, the Municipal Master Plan (PDM) of the municipality already foresees its demolition and the birth of a new mixed-use project, with predominance for residential and commercial use.

Meanwhile, ALDI Portugal announced the opening of a new store in Baixa da Banheira, in the municipality of Moita. The food retailer opened its 114th store in the country, this being the second store in the municipality of Moita and the 16th in the district of Setúbal. The new space has a total area of ​​1,548m2, totalling a sales area of ​​1,000m2.

Casa Peixoto announced an investment of 10 million euros in a store in Lisbon. The company, which operates in ​​trade and distribution of building materials and DIY, home & garden, has started the construction of its new space located in Parque das Nações, near Gare do Oriente.

Soon after, Lidl announced the reopening of four stores in an investment of 17 million euros. Located in Macedo de Cavaleiros, Ermesinde, Almada and Cascais, they have sales areas ranging from 1,200m2 to 1,440m2.

In the middle of the month, Ten Brinke’s first ALDI supermarket in Portugal opened in Viana do Castelo. The new commercial space has 1,800m2 of surface, of which 1,200m2 are for sale to the public. Ten Brinke is developing a project in Viana do Castelo that covers a total of 14,000m2 of commercial, residential and service areas.

At the end of the month, the announcement was made that the SIGI of Sonae Sierra had acquired a set of assets worth 26.2 million euros. Olimpo Real Estate Portugal (ORES), the first Real Estate Investment and Management Society (SIGI) to be created in the country, announced the purchase of the assets. The acquired portfolio includes three hypermarkets, located in Guarda, Cantanhede and Ponte de Lima, and has a total gross area of ​​14,563m2, subject to long-term lease agreements with Continente.

Hotels

In early November, the new five-star Hyatt Regency Lisboa hotel was inaugurated. The arrival in the Portuguese capital city of the worldwide Hyatt chain took place through United Investments Portugale Fibeira, under the management of UIP Hospitality Management Company. As a result of an investment of 70 million euros, the Hyat Regency Lisboa is located in Belém.

Meanwhile, the Elegant Group announced the sale of the Hotel Martinhal Cascais to Onyria, belonging to the Pinto Coelho family. The previous owners of the Hotel Martinhal Cascais, the Pinto Coelho family, have been strengthening their close relationship with Roman and Chitra Stern, founders of the Elegant Group, in order to buy and integrate the hotel unit back into their remarkable business portfolio in Quinta of the Navy. The investment value of the operation has not been disclosed.

In the middle of the month, Hyatt also announced the launch of a new resort in Madeira. The Dreams Madeira Resort Spa & Marina project is scheduled to open in 2024 after the renovation works and will signal the entry into the new global portfolio of luxury resort brands – the Inclusive Collection. The resort, situated in a privileged location on the island of Porto Santo, includes 366 luxury rooms, as well as standard rooms, luxury villas, a beach and a private marina.

Meanwhile, Mercan Properties announced an investment of 108 million euros in the construction of two new hotels in the marina of Lagos. Mercan Properties signed an agreement with Hilton for the design of the new units, Lagos Marina Hotel, Curio Collection by Hilton and Hilton Garden Inn Lagos. The opening is scheduled for the summer of 2024 and both hotels comprehend a gross construction area of ​​23,000m2.