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alternative Assets News: Portuguese Real Estate Intelligence

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September, 26, 2022 With the end of the month approaching, this past week, in addition to some relevant announcements and investments, there was the release of various statistical data, namely in the segments of housing, offices, real estate investment funds and the mergers and acquisitions market volume. There were news related to asset management and the housing segment and the health area have been highlighted as well. At the beginning of the week, there was the announcement that Sonae Sierra is going to manage CTT's real estate assets. The company was chosen to manage 400 retail and logistics properties, valued at around 110 million euros. The official announcement should be made at the beginning of November; however, it is known that the portfolio consists of stores, normally located in the centre of the localities and by CTT's warehouses and logistics/distribution centres. With the ending of the week, it was turned public that a CUF clinic will be born in “Terras da Comporta”. VanguardProperties and CUF have teamed up on the project of a proximity clinic in Comporta. The new health unit will have an investment of two million euros and the building will be built in the “Dunas” plot, in the municipality of Grândola, parish of Carvalhal. The clinic which will be strategically located in a space of the enterprise has its opening scheduled between the end of 2023 and the first half of 2024. Finally, PREDIBISA presented the new development NATURA. The innovative housing project is located on the land of the emblematic Efanor factory, in Matosinhos, a place of choice for those looking to live in the urban centre. The development will be marketed exclusively by PREDIBISA and the construction will be in charge of Telhabel. The value of the investment was not revealed. The project preserves the privacy of the residents, with the tranquility of a unique landscape and pure nature, amongst trees, water mirrors and pedestrian paths, with approximately 30,000 m2 of green area.  
 
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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”.
 
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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.