hospitality Assets News: Portuguese Real Estate Intelligence

#Brainsflash - Highlights in the past week were a portfolio of properties valued at more than 400 million euros that entered the market through the hands of Novo Banco
January, 17, 2023

At the beginning of the week, the opening of the first Dior store in Portugal has been made public. Alegria One, a rehabilitation project by the promoter and real estate manager EastBanc, was the space chosen by the legendary Parisian fashion brand to open its first store in the country. The store located on Avenida da Liberdade, in Lisbon, will open its doors this year occupying three storeys of the building, in a total area of 1,050m2.

Meanwhile, the building Lisboa, in Parque das Nações, has been sold by an MCAP Global Finance fund and acquired by the Banco Comercial Português pension fund. The value of the transaction has not been disclosed.

Further north, Gondomar will host a luxury real estate and tourist project in an investment of 85 million euros. The Porto Douro Marina Hotels & Villas, located on the banks of the Douro River, includes the construction of a five-star hotel, 90 villas, a marina and even a heliport. The works should be completed in the first half of 2023, and the construction of the hotel and villas will be carried out over the course of 36 months.

Soon after, there was the announcement that the Zara Store, on Rua Augusta in Lisbon, has been sold in the biggest transaction of a single high street retail space in Portugal. Deka Immobilien proceeded with the sale of the asset whose new owner is a subsidiary of NEXT FCR, a Venture Capital fund managed by STAG and counselled by Optylon Krea. The value of the transaction has not been revealed, but it is known that it was around 20 million euros.

The following day, it became public that a foreign investor had acquired land at Herdade da Aroeira for a residential and tourist project. The project foresees the construction of around 29,000m2 above ground: 247 units - 210 for tourist use and 37 for residential use, including an aparthotel with around 150 units. Neither the investment amount nor the buyer have been revealed.

Meanwhile, the largest portfolio of supermarkets in Portugal is going to be acquired for 150 million euros. The US private equity fund LCN Capital Partners will acquire the so-called “Project Amália”, which comprises 50 assets. The transaction, which will be closed with the German Trei of the Tengelman Group, encompasses 50 assets, in a total area of 68,196m2.

Finally, with the week ending, a portfolio of properties valued at more than 400 million euros will enter the market. The property portfolio will be placed on the market by Novobanco, also including the Cabanas Golf development, a building in Olivais Sul, land in Portimão and the tourist project in Benagil, in the municipality of Lagoa. Similarly, the portfolio includes around 94% of the investment units of the fund that owns the land in Amoreiras, in Lisbon, with an area of 130,000m2, which the institution inherited from Banco Espírito Santo.

#Brainsflash - Of note last week was the sale of the Shopping Cidade do Porto for 28 million euros

January, 09, 2023

The first week of the year was serene, but with some operations of relevance in the real estate market. Of note during the last few days, the hotel and retail segments with three shopping centres being transacted.

Earlier this week, Freixial Shopping, the shopping centre in the city of Cantanhede, has been sold to a Portuguese real estate investment fund. The value of the operation has not been disclosed. The asset is in a strategic and privileged location, on national road 234, which connects Coimbra to Praia da Mira, and has a total area of 11,400 m2, with 29 stores spread over 2 storeys.

The very next day, the PG Hotels & Resorts group announced an investment of 24 million euros in the acquisition and rehabilitation of a hotel in Alvor, in the district of Faro. This is one of the towers of the building that was once known as Luna Alvor Bay, and the hotel unit is expected to start operating in July 2024.

By the end of the week, the real estate investment company Finangeste acquired from BCP, in a partnership with national investors, the company that owns Forum Barreiro. Finangeste intends to invest 4 million euros in remodeling the asset, which has around 22,500m2, comprehending 90 stores. It also has 700 parking spaces, and is portrayed as one of the main shopping centres on the South Bank.

Still in this segment, it was announced that the Shopping Cidade do Porto was sold for 28 million euros. The Domingos Névoa Group purchased the company that owns and manages the asset from the Teixeira Duarte Group, in an operation worth 28 million euros. This is already the group's third investment in commercial assets, in a year.

Finally, Memmo Hotels has acquired the Paul do Mar Sea View Hotel, located in the municipality of Calheta, on the island of Madeira. The hotel unit, which is shut, will be subject to extensive refurbishment works. This is the building where the Paul do Mar Sea View Hotel operated, with 60 rooms and a 4-star rating. The investment value has not been disclosed.

#Brainsflash - Of particular note in the past week was the sale of Continente at Centro Comercial Colombo to a German fund.
December, 19, 2022

After the first weeks of December having presented themselves a little calmer, the past week was sturdier and more dynamic in terms of investments and transactions in the real estate market. Of particular note, in the recent days, was the retail segment which was recognized by Sonae's operations, but which opened new spaces for other brands as well.

At the beginning of the week, Sonae announced the sale of the Continente at Centro Comercial Colombo to a German fund, the Union Investment. The asset, whose transaction value has not been revealed, is the first investment by the German fund in the Portuguese retail sector, has a total area of 23,445 m2, and will be managed by Sonae Sierra.

Meanwhile, in the middle of the week, the retailer Aldi announced the opening of two new stores. The municipalities of Marco de Canaveses and Oliveira do Hospital thus get their first Aldi supermarkets. In line with its expansion strategy, the company now has 122 stores in Portugal. Both spaces have a total sales area of around 1,040 m2.

Soon after, the Pestana Group announced the launching of the Pestana Residences CR7 development. The new residential project, located in Praia Formosa, in Funchal, has an initial investment of 50 million euros. In a first phase, the project includes around 88 T2 and T3 apartments.

With the opening of still another store, the retail segment did not come to a halt last week, with Mercadona inaugurating a supermarket in Oeiras. The company reaches the district of Lisbon, and ends 2022 with a network of 39 supermarkets in Portugal. The new store is located in Taguspark and is the last of the 10 that the company had planned to open this year. It has a sales area of 1,900 m2.

With the week coming to an end, Norfin announced the beginning of the construction of Monview in Miraflores. The investment was made by the Arrow Global fund in partnership with three Portuguese private investors from the NXT Evolution Asset Management. The new private condominium will have 168 units which represent an investment of around 80 million euros.

Soon after, Varino Real Estate announced that, over the next 7 years, it plans to invest around 240 million euros in its next development in Funchal, consisting of 7 buildings.

Finally, it became public that the luxury hotel chain Viceroy is going to sell units of the Ombria Resort, located in Loulé, to Highgate. The transaction should be completed in 2023, even before the units are inaugurated. The value of the transaction has not been disclosed.