alternative Assets News: Spanish Real Estate Intelligence

Livraria Lello Acquires the Teatro Sá da Bandeira in Porto
4 June 2019Richard D. K. Turner The owners of the Livraria Lello, which helped inspire the Harry Potter children’s books, acquired the Teatro Sá da Bandeira in Porto for 3.5 million euros in a public auction. The bookstore also filed an application to challenge any tenants' preemptive rights as the current occupant, Rocha Brito e Vigoço, openly considered the possibility. The auction had a base bid set at 2.19 million euros, with the requirement that the property continue to operate in its current capacity as a theatre. The building has a constructed area of 2,945 square meters, on a plot of land measuring 1,960 square meters. Original Story: Diário Imobiliário / Lusa  
Maiar to Convert Factory in Covilhã into Student Housing
31 May 2019Richard D. K. Turner Maiar, a developer that is backed by Portuguese and international investors, acquired the former textile factory Francisco Alçada, a derelict property in Covilhã. The developer is planning on creating a Portugal-wide network of university residences, according to an article in Dinheiro Vivo. The former factory, which is located in the interior of Portugal, east of Coimbra, will house approximately 250 students at the University of Beira Interior by September 2020. A presentation of the project stated that the development would include common areas, study rooms, a gym and services such as laundry and cleaning. Original Story: Dinheiro Vivo / Lusa
Martinhal Group to Build American School in Lisbon
19 April 2019Richard D. K. Turner Work on the €50-million United International School of Lisbon is set to begin in July. The project consists of an international school (K-12), along with co-working spaces, offices for start-ups, a hotel and assisted living residences for senior citizen. The owners of the Martinhal Group, Chitra and Roman Stern, acquired the site of the former Universidade Independente on Avenida Marechal Gomes da Costa, a university which closed more than a decade ago. The project has a planned investment of €50 million and will be developed in several phases, with its completion projected for 2023. The first phase of construction has already received approval and work on the school will start in July. The first phase of construction will focus on the former site of the university, comprising two interconnected buildings. In the second phase, the company plans on erecting a new building towards the rear of the campus, with a gymnasium and two additional basketball courts, as well as an auditorium. The Martinhal Group also acquired adjacent land and warehouses, with an area totalling 16,000 square meters, where its plans to build an educational hub with spaces for startups, co-working and co-living. Original Story: Jornal Expresso - Conceição Antunes Foto: António Pedro Ferreira Translation/Summary: Richard D. Turner