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hospitality Market News: Portuguese Real Estate Intelligence

The State of the Portuguese Real Estate Market in September
September presented itself as a very active month, providing several announcements about investments and transactions throughout the weeks. After a very dynamic summer, the return to most activities brought up a very active real estate market in most segments. With particular emphasis on the housing, office and hotel segments, September saw several announcements which demonstrate resilience in the real estate market, even after two years of pandemic crisis and with a new economic scenario emerging motivated by Russia's invasion of Ukraine. Housing The month began with the announcement that the IHRU (Instituto da Habitação e da Reabilitação Urbana) is going to launch three more tenders for the development of projects for the Quinta da Baldaya, Quinta das Conchinhas and Rua do Beato developments, all of them in Lisbon. Altogether, these operations represent a total of 456 homes and an investment of more than 90 million euros. The Lisbon City Council also announced the willingness 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 value of 20.9 million euros. With September coming to an end, PREDIBISA has presented the new NATURA project. This innovative housing project is located on the land of the emblematic Efanor factory, in Matosinhos, a place of choice for those looking at living in the city centre. The value of the investment was not disclosed. Offices In this segment, to highlight is the news of the acquisition of the Real Business Centre, in Viseu, by Real Vida, in the beginning of the month. This is 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 was officially opened on the 15th of September. At the end of September, a partnership has been sold for the construction of a new office building in Campo Grande. The funds managed by Blackstone worked together with MultiCorporation in the transaction, with no revealed value, which aims at building a new office building in Lisbon. Next to the transport terminal, between the Alvalade XXI Stadium and the NOS headquarters building, the project allows for the construction of a new office building with more than 14.000 m2. Norfina has also announced the launching of the “Oriente Green Campus” office building. The construction should be completed during the second half of 2023 and promises to bring a new impetus to the northern part of Parque das Nações. The building is located in Moscavide and will have a total office area of ​​41.100 m2 as well as 18.700 m2 of outdoor areas. With the month coming to an end, Henderson Park has announced an investment of 25 million euros to modernize Lagoas Park. The private equity real estate company announced the investment for the renovation of the most prominent business park in Portugal and the largest in the Iberian Peninsula. The ambitious modernization project will enhance indoor and outdoor areas as well as collaborative spaces. The business park has been the destination of choice for the national headquarters of internationally renowned companies. Retail and Logistics In this segment, Sonae Sierra has announced that it 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 is composed of stores, normally located in the centre of the localities and by CTT's warehouses and logistics/distribution centres. Hotels In this segment, it became public that the Mais Group has acquired 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. Meanwhile, 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. The investment value has not been disclosed. Cais do Sodré, in Lisbon, is also the target of news. On the block where the Jamaica and Europa nightclubs once operated, Room007 Pink will be born. 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 storeys of the building. At the end of September, MercanProperties emerged in the spotlight with the acquisition of real estate for a new hotel in Faro. The assets will be the subject of a rehabilitation and real estate development project, giving new life to that space. With a gross building area of ​​approximately 6.500 m², these properties are a unique opportunity to promote a new project in the Algarve. The investment value has not been disclosed. NPL's In this segment, BPI has informed that it has concluded the sale of the Citron Project, with a total gross value of around 140 million euros, to funds managed by LX InvestmentPartnersS.A.R.L.. The Citron Project corresponds to around 15.000 credit contracts of around 5.000 customers. The non-performing loan portfolio, referring to the Citron Project, includes positions with and without real mortgage guarantees, with a total gross value of around 140 million euros. Alternative assets At the beginning of the month, Hipoges has announced the sale of “Project 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. At the end of the month, it has become 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 has an investment of two million euros and the building will be built in the “Dunas” subdivision, 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.  
 
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October, 3, 2022 The last days of September proved it to be a week of major investments and news, in the real estate market. On the one hand we have had major developments in the office segment; on the other hand we have also had relevant news in the NPL's market, with BPI selling a portfolio of 140 million euros to funds managed by LX Investment Partners. At the beginning of the week, a society for the construction of a new office building in Campo Grande has been sold. The funds managed by Blackstone worked together with Multi Corporation in the transaction aimed at the construction of a new office building in Lisbon. Next to the transport terminal between the Alvalade XXI Stadium and the NOS headquarters building, the project allows for the construction of a new office building with over 14.000m2. Meanwhile, Norfin has launched the “Oriente Green Campus” office building. The construction should be completed during the second half of 2023 and promises to bring a new impetus to the north area of Parque das Nações. The building is located in Moscavide and will have a total office area of 41,100 m2 as well as 18,700 m2 of outdoor areas. The announcement has been  made by Norfin, one of the national references in the management of real estate investments, on behalf of the Fundo Multiusos Oriente FEIIF, held by the Orion European Real Estate Funds. With the week approaching its middle, Maya Capital launches its first real estate project in Lisbon. Eligible for the Golden Visa, Conceição 123 is located in a premium location in the city. The real estate investment fund entered the Portuguese market with an investment of 65 million in residential assets and debuts with this income tourism project. Mercan Properties also emerged in the spotlight with the acquisition of properties for a new hotel in Faro. The assets will be subject to a rehabilitation and real estate development project, which will bring new life to that space. With a gross construction area of approximately 6.500m², these properties are a unique opportunity to promote a new project in the Algarve. The investment value has not been revealed. With the week coming to an end, BPI has informed that it has concluded the sale of the Citron Project, with a total gross value of around 140 million euros, to funds managed by LX Investment Partners S.A.R.L.. The Citron Project comprises around 15.000 credit agreements of around 5.000 customers. The non-performing loan portfolio, referring to the Citron Project, includes positions with and without real mortgage guarantees, with a total gross value of around 140 million euros. Finally, Henderson Park is making an investment of 25 million euros to modernize Lagoas Park. The private equity real estate company announces an investment of 25 million euros for the renovation of the most prominent business park in Portugal and the largest in the Iberian Peninsula. The ambitious modernization project will enhance indoor and outdoor areas as well as collaborative spaces. The business park has been the destination of choice for the national headquarters of companies of international importance.  
 
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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”.