alternative Assets News: Portuguese Real Estate Intelligence

Catella CER Invests €15.5m in Student Residence in Portugal
January 21, 2022 – Brainsre.news The 6.622-m2 student residence is located in Carcavelos, Cascais, and comprises the fund’s first investment in Portugal. The Catella European Residential Fund (CER) is investing in Portugal for the first time, paying €15.5 million for a 99-year concession for a student residence in the municipality of Cascais. The Berlin-based Catella Residential Investment Management GmbH (CRIM) as the investment manager and Catella Real Estate AG, a Munich-based AIFM platform, were advised by Catella AM Iberia S.L. on the transaction. Value One Holding sold the asset. In a statement sent to brainsre.news, managing partner of CATELLA-AM Iberia, Eduardo Guardiola, commented: “This transaction is a milestone for CER, the fund’s first investment in Portugal, and also for CRIM, as it represents its first acquisition in Portugal. It is also an important transaction for Catella AM Iberia, as it is our first asset under management in Portugal and the third student residence under management. There is no doubt that the Portuguese real estate market presents interesting opportunities in affordable student residences, residences and offices, markets that are very different in their maturity and size, but all of them interesting to us in different ways.” The student residence is located in Carcavelos, in the municipality of Cascais, close to the beach and a 10-minute walk from NOVA School of Business and Economics (Nova SBE). Lisbon’s city centre is 20 minutes away by train. The 6,622-m2 property was built in 2020 and consists of 192 spacious single rooms (20 m2 on average), a gym, rooftop terrace, study, music and leisure spaces and parking. It is 99% occupied and was awarded a LEED Gold sustainability certification after its construction. Vienna-based MILESTONE is part of the Value One Group and is the current manager of the asset. The international real estate developer and student residence operator brings extensive knowledge of the design and management of student residences, combined with international experience. MILESTONE currently has 4,627 student beds under development and management in Austria, Portugal, Germany, the Netherlands, Poland and Italy. The CER Fund has over €1.6 billion in AUMs including approximately 70 assets, generating a net annual internal rate of return of 9.6% since its launch in 2007. Translation: Richard D K Turner
The State of the Portuguese Real Estate Market in December
January 3, 2022 Despite the current slowdown due to the festive season, the real estate market in Portugal has powered on, toasting the coming New Year with some of the biggest transactions and announcements of the year. December saw a series of deals, underscoring the strength, stability and resilience with which the market has faced the uncertainty of the last two years. The point was reinforced once again by further recognition of Portugal’s tourism industry, as the country won 12 awards in the 28th edition of the World Travel Awards 2021, the most well-known prize in the sector. The trophies, awarded since 1993, served to highlight Portugal’s dominance in several categories. Madeira stood out by receiving the “Best Island Destination in the World” award for the seventh consecutive year. At the same time, Parques de Sintra was named the “World’s Best Conservation Company,” a category in which it has taken awards for eight straight years. The Paiva Walkways were also considered the “Best Adventure Attraction” for the fourth year in a row, and Dark Sky Alqueva won the “Responsible Tourism” category. In other news, a decree was published in the Diário da República stating that the price per square metre for IMI taxation purposes will increase in 2022. The increase will be 25 euros compared to the price in 2021, rising to 640 euros, up by 4% compared to 2020. This update applies to all property valuations carried out from 1 January 2022. Residential In this sector, the Salgueiral Residences development announced that 90% of its more than 70 flats had already sold, in an investment of over 13 million euros. The condominium is located in the Guimarães city centre and boasts the highest standards of comfort coupled with state-of-the-art technology. Offices The Ageas Portugal Group acquired an office building in Lisbon. The operation represented the Group’s fourth acquisition in the real estate sector in 2021, which totals €100 million invested this year. In Sete Rios, Lisbon, the Bloom building has a gross above ground construction area of 5,500 m2. The amount of the investment was not revealed. Logistics Halfway through the month, Lidl Portugal inaugurated its first semi-automated logistics centre in a 73-million-euro investment. The supermarket chain’s next stop is in Santo Tirso, where it will continue to increase its bet on Portugal’s Northern region. The recent and most modern Lidl logistics centre is already operating at 100%, taking over the supply of its supermarkets in the north of Portugal. Located in Zona Industrial da Ermida, the warehouse occupies an area of 48,000 square metres and can supply more than 100 shops. The storage capacity is 55,000 pallets, and it has over 90 docks. Student Residences Also in early December, the Ageas Portugal Group, Promiris and Cetim signed an agreement to build a student residence in Porto. The investment amount was not revealed. Construction was scheduled to begin at the end of 2021, and the home is expected to open its doors during the summer of 2023. The 265-room purpose-built student residence, near the University of Porto’s Faculty of Engineering, will be managed by the French group Odalys. NPLs Nearing the end of the month and year, the Portuguese Securities Market Commission (CMVM) revealed that Novo Banco’s portfolio of non-performing loans, called the Harvey Project, was sold for €52.3 million. The portfolio, which had a value of 164.4 million euros last September, was sold to the Deva Capital Management Company fund and the Arrow Group’s AGG Capital. The completion of the transaction, under the agreed terms, is expected to impact the capital position and income statement of the bank led by António Ramalho. On the last day of the month, the CMVM also announced stated that Banco Montepio had sold a 253-million-euro non-performing loan portfolio. The acquisition of the assets, which includes 10,318 registered loan contracts, was carried out by LX Investments Partners III, BTL Ireland Acquisitions II Designated Activity Company and BTLP Acquisitions I Unipessoal, Lda. Alternative Assets Again at the end of the December, the French group Icade Santé announced that it had acquired three Lusíadas hospitals and HPA Saúde’s Hospital Privado S. Gonçalo for €213 million. The four assets comprise Fidelidade’s entire SaudeInveste fund and are the Icade Santé’s first investment in Portugal. The hospitals have a total area of 90,000 square metres and over 500 beds. The three Lusíadas properties are located in Lisbon, Porto and Albufeira, while the fourth property, Hospital Privado S. Gonçalo, is in Lagos.
New Public Works Tenders Down by 23% in November
December 29, 2021 – Ana Custódio According to the AICCOPN (Association of Civil Construction and Public Works Industries) Public Works Barometer, in the year to November, the volume of signed public works contracts has held steady at the same level as last year. For the ninth consecutive month, tenders for public works contracts fell year-on-year, compared to 2020. In the first eleven months of this year, the procedures that were subject to public tender and respective publication in the Official Gazette totalled 3.488 billion euros, down 23% y-o-y. According to the report published today by AICCOPN, construction contracts concluded and reported on the Base Portal under public tenders totalled 3.476 billion euros up to November, 0.3% that of the same period of the previous year. This stabilisation in the volume of works contracts is due to a base effect. Last year, two agreements were signed regarding the expansion of the Porto Metro network, worth 288 million euros. Public works contracts concluded due to Direct Adjustments and Prior Consultations in the first eleven months of the year totalled 550 million euros, up 5% year-on-year. 3.321 billion euros of public works contracts were signed up to the end of November, up 0.3% compared to the same period in 2020. Translation: Richard D K Turner