Category: Industrial & Logistics

The Portuguese Real Estate Market in June

June is one of the most anticipated months throughout the country as it is a time of great festivities and also a period of downtime and vacations. However, this tranquility that reaches many sectors did not affect the real estate market, which once again showed strength with significant investments in various segments and again from north to south of the country.

Last month, in a general analysis, the most prominent segments were residential, which, although with limited supply, is announcing new and important projects. In addition to housing, new hotel units are also emerging, accompanying the arrival of summer with their inaugurations.

Residential

At the beginning of the month, the start of the Rehabilitation Plan for 11 neighborhoods in Lisbon was made public, endowed with 40 million euros. The company Gebalis will begin the Rehabilitation and intervention Plan in 11 neighborhoods in Lisbon, with a total investment of 40 million euros until 2026. The rehabilitation will begin in Bairro dos Alfinetes, in the parish of Marvila, and the works will cover seven buildings and 68 units, with interventions planned on the roofs and facades.

Also, on the southern shore of the Portuguese capital, a residential development will be built next to Fórum Barreiro. The real estate developer Screendomus is responsible for the residential promotion of 200 apartments under construction next to Fórum Barreiro, the “Platinum Barreiro” project, whose commercial value exceeds 90 million euros. In the first phase, the T2, T3, and T4 typologies are launched, distributed on seven floors and five buildings, constituting 116 apartments out of the total investment. The first 62 apartments, blocks one and two, have a delivery deadline for the first half of 2025.

Also in Lisbon, the City Council and the IHRU (Institute of Housing and Urban Rehabilitation) have closed an agreement to invest 322 million euros in public housing. According to the City Council, approximately 100 million euros will be allocated to the rehabilitation of municipal housing. Out of these 100 million, 15 million will be allocated to continue the effort to rehabilitate vacant housing, benefiting 620 units, and the remaining 85 million will be used to rehabilitate buildings with deplorable conditions, benefiting 8,543 units. The remaining 222 million euros will be allocated to housing investments between 2027 and 2028.

In the south of the country, Vilamoura World presents two new developments. Vilamoura World presents its recent real estate projects, Natura Village and The Nine. With the presence of golf courses and the Natural Park, covering 170 hectares, Natura Village is an option for those who want to live in harmony and surrounded by nature, including hiking trails and even bike lanes that allow you to reach the beach, the center, and Vilamoura Marina in just 10 minutes. The second project, The Nine, is located in a consolidated area of Vilamoura, near the clubhouse of the Victoria golf course.

In the north, the news arrived that Grupo CVM is investing 13.5 million euros in the construction of the Edifício Pacífico. The construction of Edifício Pacífico was announced by Grupo CVM, located in Vila Nova de Gaia, and represents an investment of 13.5 million euros. The works, which are about to begin, will build apartments of the T1 (10), T2 (27), T3 (21), and T4 (4) typologies and are expected to be completed in October 2025.

Offices

Mapfre has invested 20 million euros in the acquisition and remodeling of the building José Malhoa 13. The Spanish Group has acquired the building José Malhoa 13, investing an amount of 20 million euros, which includes the acquisition and remodeling of the property. The building, with an area of 4,700 m2 and nine floors, will be renovated to meet the recent trends in architecture and interior design, emphasizing collaborative spaces and paying special attention to the needs of hybrid work models. The ground floor will feature a flagship store, which will be Mapfre’s main store in Portugal.

Meanwhile, BNP Paribas REIM has acquired the office building Pier III. The building, which is currently the new headquarters of Accenture in Portugal, has a total area of 4,500 m2 and offers 101 parking spaces. With a project by the architect Carrilho da Graça, Periptero has created a “cutting-edge” building that is one of the most iconic in Lisbon’s riverside area. The investment amount was not disclosed.

It was also announced that Signal Capital and Sonae Sierra will develop a mixed-use project, República 5. The mixed-use project República 5, located in Lisbon, is being developed by Signal Capital and Sonae Sierra, and features 12 floors dedicated to offices and a single residential area with 20 housing units. República 5 is located in one of the most prestigious areas of Lisbon, next to Saldanha, and dedicates most of its surface (11,600 m2) to offices, distributed over 12 floors.

Industry and Logistics

In this segment, it was learned that an industrial plot of land in Carregado was sold by CBRE. The consultancy firm was responsible for the sale of an industrial plot of land in Carregado, composed of two assets, with a total area of 20,000 m2. The plot, located in the municipality of Alenquer, consists of two assets with a total area of 20,065 m2 and a potential for construction of approximately 10,000 m2. One of the plots has an existing building of 2,600 m2, while the other plot already has an approved PIP (Preliminary Investment Project) that foresees the construction of 6,760 m2.

Shortly after, Garland Group announced the opening of a fourth logistics center in Gaia. The Garland Group will open a new logistics center in Gaia, adding up to four centers in the municipality, with 10,500 m2. This is the third logistics center of Garland Logistics to open within a year in Gaia. The company has six centers in the north, two in the center, and two in the south of the country.

Retail

The Commercial Gallery of Alverca will receive an investment of 32 million euros. NHOOD Portugal will invest 32 million euros in its project to transform the Commercial Gallery of Alverca, a space it manages and in which it will invest around 32 million euros, on behalf of Ceetrus, the new owner of the asset in co-ownership with Auchan.

One of the major milestones of the month was the announcement by Borgwarner of a 90 million euro investment in a new industrial unit in Viana do Castelo. The American company inaugurated in the Lanheses Business Park, in Viana do Castelo, a new industrial unit for the production of electric motors and components for electric, heavy, hybrid, and 100% electric vehicles. The investment, exceeding 90 million euros, will take place over a year, until June 2024, focusing on energy transition and will create 350 new jobs.

Hotels

In this segment, as the month comes to an end, it was learned that the hotel group Grande Buganvilia was sold to Capital Elements. The hotel group Grande Buganvilia, currently owned by Flitptrel Portugal and part of the activities of Davidson Kempner in Portugal, which operates two hotels in the Algarve, has been sold to Capital Elements, a company that is part of the Arrow Group. The transaction refers to the sale of the first asset that DK Partners bought from the banks that own the ECS funds.

Meanwhile, the opening of Vila Galé Collection Tomar has been announced. Scheduled to open on July 1st, Vila Galé Collection Tomar represents an investment of 14 million euros and is the result of the recovery and redevelopment of two emblematic buildings, the former Convent of Santa Iria and the former Women’s College. The new hotel unit has 100 rooms.

At the end of the month, Montebelo Aguieira Lake Resort & Spa presented a new hotel unit. In addition to its privileged location, 20 minutes from the A1 and the city of Coimbra, this 5-star lakeside resort introduces a new hotel unit this year with 58 rooms. The resort also offers 155 one to three-bedroom apartments and four-bedroom villas, the latter with a private pool.

Alternative Assets

In this segment, Cushman & Wakefield announced that it will assume the management of seven assets from MEAG’s portfolio. The consultancy firm has won the management of 48,000 m2 of office assets with three buildings located in Arquiparque, two in Quinta da Fonte, and two on Avenida da Liberdade. MEAG is the asset manager of the Munich Re Group, with branches in Europe, Asia, and North America, offering its know-how to institutional investors as well as private clients outside the group. It currently manages assets worth around 307 million euros, of which 55 million euros belong to external investors.

On the other hand, Albatross Capital and Quantico join forces to create Quest Capital. The joint venture formed by the Spanish company Albatross Capital and the Portuguese company Quantico SA launches Quest Capital, a company that incorporates the operations developed jointly by both companies, integrating their projects, experience, teams, and capabilities. Quest Capital, a pan-European real estate investment and asset management company, is born with over one billion euros of assets under management, 600,000 m2 of real estate assets, and over 6,000 residential and commercial units in its portfolio.

#Brainsflash – Of note last week was the announcement that Borgwarner is investing 90 million euros in new industrial unit in Viana do Castelo

July, 03, 2023

 

The CVM Group has announced the construction of the Pacífico Building in Vila Nova de Gaia, with a total investment of 13.5 million euros.

The residential project will consist of 62 units spread across 11 floors and 3 basement levels. It is located on Avenida dos Descobrimentos and will have a total construction area of 11,273 square meters.

The building will feature a variety of apartment sizes, including T1 (10), T2 (27), T3 (21), and T4 (4), and the construction is scheduled to be completed by October 2025.

Spanish company Albatross Capital and Portuguese company Quantico SA have formed a joint venture called Quest Capital, combining their operations, projects, expertise, teams, and capabilities.

Quest Capital is a pan-European real estate investment and asset management company, starting with over one billion euros in Assets under Management, 600,000 square meters of real estate assets, and a portfolio of over 6,000 residential and commercial units.

The joint venture aims to leverage the combined resources and experience of both companies to enhance their presence in the real estate market and maximize investment opportunities across Europe.

BNP Paribas REIM acquires Pier III office building.

The building, currently serving as Accenture’s new headquarters in Portugal, spans 4,500 square meters and includes 101 parking spaces.

Designed by architect Carrilho da Graça, the Periptero building is a state-of-the-art structure and stands as one of the most iconic buildings along Lisbon’s riverside.

The investment amount for the project has not been disclosed.

Alverca Commercial Gallery receives investment of 32 million euros

NHOOD Portugal plans to invest 32 million euros in the transformation of Alverca Shopping Gallery, a space it manages and represents as co-owner along with Auchan.

Ceetrus, the new owner of the property, will contribute to the investment of approximately 32 million euros. The investment aims to revitalize and improve the commercial space, bringing about significant changes to Alverca Shopping Gallery.

Signal Capital and Sonae Sierra develop mixed use project República 5.

The mixed-use project, República 5, in Lisbon, is being developed by Signal Capital and Sonae Sierra, featuring 12 floors dedicated to offices and a unique residential area with 20 apartments.

Located in one of Lisbon’s most prestigious areas near Saldanha, República 5 allocates the majority of its space (11,600 m2) to office use spread across 12 floors.

The project aims to provide a combination of residential and office spaces in a prime location in Lisbon, catering to the demand for both living and working in the city.

Vila Galé Collection Tomar is opening.

The Vila Galé Collection Tomar, representing a €14 million investment, will open on July 1st. It is the result of the recovery and redevelopment of two iconic buildings, the former Convent of Santa Iria and the former girls’ college.

This new hotel property features 100 rooms and combines the historical charm of the convent and college with modern amenities and facilities.

The Vila Galé Collection Tomar offers guests a unique and luxurious experience, blending the rich heritage of the buildings with contemporary comfort and accommodation options.

Montebelo Aguieira Lake Resort & Spa presents a new hotel unit.

The 5-star logistics development boasts a prime location, just twenty minutes away from the A1 highway and the city of Coimbra.

This year, the resort introduces a new hotel facility with 58 accommodation units, adding to its offerings of 155 T1 to T3 apartments and V4 Villas with private pools.

Guests can enjoy a wide range of accommodation options, along with the convenience of the resort’s proximity to major transportation routes and the attractions of Coimbra.

Borgwarner invests 90 million euros in new industrial unit in Viana do Castelo.

American company BorgWarner has inaugurated a new industrial unit in the Lanheses Business Park in Viana do Castelo, dedicated to the production of electric motors and components for electric and hybrid vehicles, including heavy-duty and 100% electric vehicles.

The investment, exceeding 90 million euros, will continue for a year until June 2024. It reflects a commitment to energy transition and will lead to the creation of 350 new jobs.

The new facility reinforces BorgWarner’s focus on the growing market for electric mobility, contributing to the development of sustainable transportation solutions and the local economy.

#Brainsflash – Of note last week was the announcement that a 40-million-euro Rehabilitation Plan will start in 11 Lisbon neighborhoods

June, 14, 2023

The 40-million-euro Rehabilitation Plan for 11 neighbourhoods in Lisbon is about to get underway.

The company Gebalis is starting an intervention and rehabilitation plan in 11 municipal neighborhoods in Lisbon, with a total investment of 40 million euros until 2026.

The rehabilitation work will begin in the Alfinetes neighborhood, located in the Marvila parish. The project will cover seven buildings and 68 units, with planned interventions on roofs and facades.

This initiative aims to improve the condition of the buildings and living spaces, contributing to the overall revitalization and development of the selected neighborhoods in Lisbon.

Cushman & Wakefield assumes management of 7 assets from MEAG portfolio

The consulting firm has been awarded the management of 48,000 square meters of office assets, consisting of 7 properties. These assets include three buildings in Arquiparque, two in Quinta da Fonte, and two on Avenida da Liberdade.

MEAG, the asset manager of the Munich Re Group, will oversee these assets. MEAG operates branches in Europe, Asia, and North America, providing its expertise to institutional investors as well as private clients outside the group. Currently, it manages assets valued at approximately 307 million euros, with 55 million euros belonging to external investors.

This collaboration will enable efficient management and utilization of the office assets, leveraging MEAG’s experience and expanding its portfolio for both institutional and private clients.

Industrial land in Carregado marketed by CBRE

CBRE is in charge of selling an industrial land in Carregado, consisting of two assets, with a total area of 20,000 square meters. The land is located in the municipality of Alenquer.

The land comprises two assets, totaling 20,065 square meters, and has a potential construction area of approximately 10,000 square meters. One of the lots already has an existing building measuring 2,600 square meters, while the other lot has an approved PIP (Projecto de Intervenção Prévia) that allows for the construction of 6,760 square meters.

This sale presents an opportunity for potential buyers to acquire a sizeable industrial land with existing buildings and approved plans for further construction, providing flexibility and potential for future development in the Carregado area.

#Brainsflash – Of note last week was the announcement that Alcochete will receive the Bracieira Dream Residences development

June, 05, 2023

Mercadona opens a shop in Marco de Canaveses

The new store, like others in the district, has a sales area of approximately 1,900 square meters. Mercadona is expanding its presence in Porto with the opening of its 19th store in the district.

The store features various sections divided within the 1,900 square meters of sales space, similar to other supermarkets.

Aquila Group builds new logistics complex in Greater Porto

Green Logistics, a brand of Aquila Group, is expanding its presence in Portugal with the construction of a new logistics complex in the Greater Porto area, acquiring a 40,000 square meter plot of land in Paredes.

The new complex will have a total leasable area of 16,570 square meters, marking the company’s third logistics investment in Portugal.

Construction is set to begin in June, and the project is expected to be completed in the first quarter of 2024.

Alcochete receives the Bracieira Dream Residences development

The Bracieira Dream Residences project in Alcochete offers 27 premium villas, focusing on the luxury residential segment.

The project consists of 27 T4-type units, each with an area of 270 square meters.

The selling price for each unit is 840,000 euros.

CBRE and Savills commercialise Benavente Logistics Park

The Benavente Logistics Park, developed by Invesco and Magna, spans an area of 90,717 square meters. It is designed for logistic and commercial use and is expected to be fully completed in the first quarter of 2024.

The logistics unit will consist of two warehouses, with the first one covering 47,215 square meters and the second one covering 43,502 square meters. The space is divided into multiple storage areas and loading docks.

The park also includes parking facilities for 183 heavy vehicles and 481 light vehicles.

The State of the Portuguese Real Estate Market in March

At the end of the first quarter of the year, the month of March proved to be quite robust in terms of transactions and investments, in the several segments. In this month that features the arrival of spring, the hotel segment stood out, as well as the Industrial/Logistics segment, which has been seeing strong transactions over the last few weeks.

The segment that probably stood out as one of the quietest in terms of new operations, was undoubtedly the most talked about during the past month: the residential segment. It should be brought to mind that housing has been on the agenda since the Government’s announcement of new measures to fight against the housing crisis.

Housing

In the middle of the month, Fercopor announced the beginning of the construction of the luxury condominium PURE, located in Boavista, Porto. The construction phase began about a month after it was fully sold. The project involves three buildings, with three storeys, comprising a total of 34 flats. The investment value was not disclosed

Also in Porto and already at the end of March, it was known that through ALMA Development, the ESSENCE – New Tradition, a real estate development of excellence, will be born in the Antas area. The project has 84 flats and the completion date is scheduled for the 4th quarter of 2025. The investment value of the project was not disclosed either.

Retail

March begins with the opening of a Aldi store in Vila Nova da Telha. The new space, in the municipality of Maia, with a sales area of 1,040 m2, brings the number of the food retailer stores to 126 nationwide.

Soon after, Aldi announced the strengthening of coverage in the Algarve with the opening of a new store in Loulé. This is the 19th store in the Algarve and the municipality of Loulé receives the second space, which has a total sales area of 1,244 m2. It has photovoltaic panels installed and in operation on the roof of the store, thus contributing to a more efficient consumption and greater energy savings.

With the month coming to an end, Lidl Portugal announced that it will invest 110 million euros in the construction of a logistics centre in Loures. The warehouse has an implantation area of around 54,000 m2 and has a storage capacity for over 44,000 pallets. Works have already started.

Industrial/Logistics

This segment saw some movement throughout the month, starting with the Sandokan Group, which inaugurated a new space in an investment of more than 6 million euros. The SDK – Sandokan group inaugurated the SDK Pneus facilities in the Neiva Industrial Zone, in Viana do Castelo.

Meanwhile, Coca-Cola Europacific Partners announced that it will inaugurate a new warehouse, in its production unit, in Azeitão, in an investment of 8 million euros. The infrastructure in question will increase the factory’s storage capacity, from 12,000 to 22,000 pallets, giving this sector over 10,000 m2, for a total of 22,000 m2.

With thecmonth coming to an end, Colliers announced that it had advised Santander Asset Management (SAM) on the sale of two industrial buildings located in the Folgosa area, in Greater Porto. The two assets were sold to the fund manager M7, on behalf of a Blackstone fund. The investment value totalled around 8 million euros.

Soon after, M7 Real Estate also acquired an Industrial/Logistic Portfolio. The portfolio, made up of two assets, is held by Fundo AF Portfólio Imobiliário and managed by Interfundos. The assets, located near Lisbon, in Carregado and Montijo, total an area of 15,300 m2.

Student Residences

 Nido, a management brand for students accommodation and Round Hill Capital’s co-living, has completed the integration of Smart Studios into its platform, and announces that it plans to open four new residences by 2025. The integration of Smart Studios into the operating platform by Nido, represents an addition of 2,000 new beds to its portfolio.

Health Units

The Spanish company Healthcare Activos, purchased the CUF building in Montijo, which began operations in December 2022. This is already the company’s third operation in Portugal, which thus expands its portfolio, having already invested around 100 million euros. The investment value was not disclosed.

Hotels

At the beginning of March, it became public knowledge that the old and historic Convento da Luz, located in Rio Moinhos, in the municipality of Borba, will be rehabilitated. The asset will be the new home of a premium tourist development, which includes the installation of a five-star hotel and tourist units.

Soon after, Mercan Properties announced an investment of 18.2 million euros in the construction of a hotel on the Alentejo coast, in Santiago do Cacém. The Hotel, located on the beach of Costa de Santo André, should open its doors in the summer of 2024. The four-star project is located 300 meters from the beach and has a total construction area of about 2600 m2

Meanwhile, the North American promoter Highgate announced that it is entering Portugal, with the launch of a new company, HG Portugal. The promoter will manage 18 hotels that were part of the Crow Project and that operate with the brands of the Hilton and IHG groups.

At the beginning of the month the opening of the Dos Reis Beautique Hotel was announced. The new hotel unit of The Beautique group is the result of an investment of 16 million euros. Dos Reis Beautique is the group’s fourth hotel unit and opened its doors on Avenida Almirante Reis, in Lisbon. The hotel has three meeting rooms, 54 rooms, an Italian restaurant, and an imposing sculptural lamp, in the shape of a crown, located in the reception area.

It was also made public that the Spanish hotel group chic&basic announced that it will invest 100 million euros in its expansion plan which includes Portugal. The hotel chain expects to open 10 hotels over the next 5 years, both nationally and internationally. Chic&basic is currently concluding operations in Lisbon and Barcelona for new openings in 2023.

Of particular note in this segment is the opening of the Crowne Plaza Caparica Lisbon, the 17th hotel by DHM – Discovery Hotel Management, which opened its doors 11 months after the start of works, with an investment of 9.7 million euros. The management of the hotel unit, which has 227 rooms, is in charge of the international brand Crowne Plaza, of the British group InterContinental Hotels Group.

Alternative Assets

With the month of March starting, it became public that the European University Building was acquired by Iberis Capital. Consultora CBRE was responsible for advising Norfin SGOIC on the sale of the building, belonging to Ibéria FEIIF, located at Rua Laura Ayres, 4, in Carnide, Lisbon, to a company owned by Portugal Yield Fund II, which is managed by Private Equity Iberis Capital. The asset has 2,865 m2 of ABC, which are spread over 3 floors above ground, and also has 72 parking spaces over 2 basement storeys.

Meanwhile, Novobanco put the Land Bank Portfolio up for sale for 400 million euros. The portfolio comprises five assets for real estate development located in the Lisbon and Algarve regions. This portfolio adds a potential construction area of around 490,000 m2. The seller’s objective is to finalize this commercialization process in the course of 2023.

Real estate developer VIC Properties also announced that Aggregate Holdings S.A. reached an agreement to carry out the sale of 100% of the Company’s shares, in a transaction that exceeds a total Enterprise Value of 670 million euros, with investors led by AlbaCore Capital Group, Mudrick Capital Management, L.P. and Owl Creek Asset Management, L.P.

Finally, GRC IM announced its entry into Portugal and wants to invest 200 million euros. The management company GRC IM begins its operations in the Iberian market, with a presence in Lisbon and Madrid. The company already has EUR 180 million under management, and is in the market looking for opportunities to increase its portfolio in Portuguese and Spanish territory.

#Brainsflash – Of note last week is the announcement by Lidl Portugal that it is investing 110 million euros in the construction of a logistics centre in Loures

April, 3, 2023

With the month of March almost coming to an end, last week was full of news and investments in some segments of the real estate market. Of note was the Industrial/Logistics segment with some announcements all over the country.

Colliers announced earlier this week that it had advised Santander Asset Management (SAM) on the sale of two industrial buildings located in the Folgosa area of Greater Porto. The two assets were sold to the fund manager M7, on behalf of a Blackstone fund. The investment value totalled around 8 million euros.

Meanwhile, it became public that through ALMA Development, the ESSENCE – New Tradition, a real estate development of excellence, will be born in the Antas area, in Porto. The project includes 84 flats and the completion date is scheduled for the 4th quarter of 2025.

Soon after, Lidl Portugal announced that it is investing 110 million euros in the construction of a logistics centre in Loures. The warehouse has an implantation area of around 54,000 m2 and has a storage capacity for over 44,000 pallets. The works have already started.

M7 Real Estate has also acquired an Industrial/Logistics Portfolio. The portfolio, comprising two assets, is owned by Fundo AF Portfólio Imobiliário and managed by Interfundos. These assets, located near Lisbon, in Carregado and Montijo, total an area of 15,300 m2.

Finally, GRC IM enters Portugal and wants to invest 200 million euros. The management company GRC IM begins its operations in the Iberian market, with a presence in Lisbon and in Madrid. The company already has EUR 180 million under management, and is in the market looking for opportunities to increase its portfolio in the Portuguese and Spanish territories.

 

The State of the Portuguese Real Estate Market in February

The second month of the year, even though the shortest and with more quiet days due to the Carnival festivities, proved to be a surprising month for investments in the real estate market. All over the country, transactions took place in the various segments of the sector.

It was also a month marked by the solutions presented to overcome the lack of housing in the country. The Government advanced with new measures to combat the housing crisis, with the approval of the “Mais Habitação”. The new measures aim to increase the housing supply, simplify licensing, create a larger rental market, combat speculation and support families.

Housing

At the beginning of the month, the Socicorreia Group announced the launching of four new residential projects, in Lisbon, Funchal and Porto, as well as the construction of a five-star hotel unit in Braga. These translate into a total investment of 100 million of euros. To this amount more than 110 million euros, corresponding to the sale of housing units for 2023, must be added.

Offices

Also in early February, the Gago Coutinho Building 26, in Lisbon, was sold. The asset totals approximately 8,200 m2 of gross building area, spread over 9 storeys. The investment opportunity was presented to Fundo CA Património Crescente (Fundo de Investimento Imobiliário Aberto, managed by Square Asset Management), which ended up acquiring the building.

With the month coming to an end, the Campo Alegre Building, the former Ageas headquarters, located in Porto, was sold to the promoter Osborne. The asset has 15 thousand m2, and can receive more than 600 collaborators, distributed over 7 floors. The value of the transaction was not disclosed.

Retail

In this segment, at the beginning of the month, Lidl announced an investment of 11 million euros in opening a new store in Vila Nova de Famalicão. The retailer thus continues its investment in Portugal, with the opening of its 89th store in the North zone. The new space has an area of 1,400 m2.

Industrial and Logistics

The Portuguese company Inipol acquired an industrial unit in Marinha Grande from Caixa Geral de Depósitos, with around 10,000 m2. The transacted property consists of two naves with basement, which include two warehouses, one of which also has spaces dedicated to manufacturing and administrative services. The new owner will proceed with the rehabilitation of the property. The investment value was not disclosed.

Also at the beginning of the month, it was announced that the largest “green” logistics centre on the Iberian Peninsula will open in Portugal. Parque Logístico Grândola – Euro Atlantic Logistics Park (GLPEA), is located in Grândola, 150 km from the Spanish border. Qantara Capital allocated an investment of several hundred million euros for the development of the new logistics centre, which will occupy an area of 130 hectares and will have a total of 670,000 m2 of construction area for logistics, industry and services, 300,000 m2 for adjacent infrastructures, and 330,000 m2 for green areas.

Then, Mercadona announced the investment of 225 million euros in Almeirim, Santarém, in what will be the largest logistics block in the Iberian Peninsula. The logistics asset will be built on a plot of land measuring 440,000 m2, acquired by Mercadona and will have a construction area of 120,000 m2.

With the month coming to its end, MD Plastic’s headquarters were sold for around 5.5 million euros. The asset was sold to Fundo CA Património Crescente, in a sale & leaseback transaction, with a long-term contract. MD Group already had the aim of selling the MD Plastic headquarters, which has a total area of 9,500 m2. However, and because it is strategic for the company’s operation, the group will maintain its operation in its current location in the long term.

Alternative Assets

At the beginning of the month, Kronos Real Estate Group announced the expansion of its portfolio in Portugal. The assets include around 750 properties already built and 425 units to be developed. The deal represents a potential of more than 1,000 million euros in property sales. Through a new significant acquisition, Kronos Real Estate Group positions itself as one of the main resort managers and real estate developers in Portugal, and will now manage and operate a portfolio of 14 projects.

With the month coming to an end, an investment of almost 6 million euros was made public in the creation of a wine tourism complex in Viana do Castelo. This private investment covers the setting up of a project at Solar da Videira and Solar de Louredo. It covers not only the requalification, but also the reconversion of the two farms dedicated to the wine production, where there are already buildings intended for housing and agricultural activities. These spaces will be converted into buildings for wine production, complemented by tourism.

Finally, SLM Partners acquired two agricultural properties in Alentejo. The assets represent an agricultural property of 121 hectares, located in Odivelas, Ferreira do Alentejo, and another property of 142 hectares, located in Montoito, in Redondo. The investment value of the operation was not disclosed.

 Senior Residences

At the beginning of February, the investment of 47 million euros in a tourist development for seniors in Vilamoura, in the Algarve, was made public. Domaine de Vilamoura is part of a large mixed-use urban renewal project that will include residential buildings, tourist accommodation, shopping and leisure. The enterprise has an area of around 13,000 m² and the tourist building will have 159 flats. The new development is the result of a partnership between Nexity Portugal, the AEGIDE Group and Perial ASSET Management.

Student Residences

Shortly thereafter, Heed, Amro and IPIM closed a €7.5 million loan with Alteralia Real Estate Debt, for the development of a student residence project in Porto, with 151 beds. The inauguration of the project is scheduled for January 2024.

With the month ending, the Trofa Saúde Group announced that it will invest 50 million in a new hospital in Penafiel, in the district of Porto. The new unit, scheduled to open in May 2025, will be built from scratch and is located near the Padre Américo Hospital, in the parish of Guilhufe.

Tourism

In this segment, Grupo Pestana announced a new commitment to residential tourism in Porto Covo. The Pestana Porto Covo Village development, with 174 tourist apartments, is located in the heart of Porto Covo and is the most recent project of the Pestana Residences brand. The investment value has not been disclosed.

 

#Brainsflash – Last week, Sociccorreia announced that it will launch 5 projects in an investment of 100 million euros

February, 27, 2023

The past week was calm in what concerns new advertisements in the real estate market. Carnival celebrations early in the week contributed to the few, but relevant highlights in its last days.

The Pestana Group announced, early in the week, its new bet on residential tourism in Porto Covo. Pestana Porto Covo Village venture has 174 tourist apartments, is located in the heart of Porto Covo and is the latest project of the Pestana Residences brand. The investment value has not been disclosed.

Shortly after, it became public that the Campo Alegre Building located in Porto, former headquarters of Ageas, has been sold to the promoter Osborne. The value of the operation is not known. The asset has 15 thousand m2, and can receive more than 600 collaborators, distributed over 7 storeys.

Meanwhile, MD Plastic headquarters has been sold for about 5.5 million euros. The asset has been sold to the Fund CA Crescent Heritage, in a Sale & Leaseback transaction, with a long -term contract. MD Group already aimed at selling the headquarters of MD Plastic, with a total area of 9,500 m2, built in 2018. However, and due to its strategic importance for the company’s operation, the group will maintain its operation in the current location, in the long run.

Finishing the week, the Socicreia Group announced the launch of four new homes projects, in Lisbon, Funchal and Porto, as well as the construction of a five -star hotel unit in Braga These translate into a total investment of 100 million euros. To this amount will still be added the more than 110 million euros, related to the sale of housing fractions in 2023.

#Brainsflash – Last week, Mercadona announced an investment of 225 million euros in Almeirim, Santarém, in what will be the largest logistics block in the Iberian Peninsula.

February, 20, 2023

With Carnival just around the corner, the past week proved itself dynamic in terms of announcements and investments, mainly in the residential, retail and logistics segments. Of particular note was the Government’s announcement at the end of the week, of the new measures to tackle the housing crisis.

On Monday, it became public that Heed, Amro and IPIM closed a €7.5 million loan with Alteralia Real Estate Debt, for the development of a student residence project in Porto, with 151 beds. The inauguration of the project is scheduled for January 2024.

The following day, the retailer Aldi announced that it is entering 2023 with the opening of two new stores, in Ferreiras (Albufeira) and Águas Santas (Maia). The construction of the new spaces enabled for the requalification of the industrial patrimony and for the improvement of commercial accesses.

Meanwhile, the Government will invest around 65 million euros to transform a former GNR Barracks, in Largo do Cabeço da Bola, in Lisbon, into housing, through the Fundo Nacional de Reabilitação do Edificado – FNRE (National Fund for the Rehabilitation of Buildings). The public building has more than 22,000m2 and plans are being made for the construction of dwellings, mainly flats, which will mostly be available under the Affordable Lease Programme.

With the week ending, the Government has gone forward with new measures to combat the housing crisis, with the approval of the Mais Habitação. The new measures aim at increasing the housing supply, making licensing simpler, creating a larger rental market, fighting speculation and supporting families.

Finally, Mercadona has announced the investment of 225 million euros in Almeirim, Santarém, in what will be the largest logistics block in the Iberian Peninsula. The logistics asset will be built on a plot of land of 440,000m2, acquired by Mercadona, and will have a construction area of 120,000m2.

#Brainsflash – Of note last week was the announcement that the largest “green” logistics centre on the Iberian Peninsula will be born in Portugal, in an investment of several hundred million euros

February, 13, 2023

In this second week of the month, the real estate market has been dynamic, along with the presentation of balance sheets and results of several companies. On the other hand, several events, meetings and conferences took place throughout the week, which did not stop the activity. Even with a smaller number of announcements to highlight, the operations that emerged reveal the importance and robustness of the sector.

With the week starting, it became public that the Gago Coutinho Building 26 in Lisbon has been sold. The building was built in the late 1970s, and in 2015/2016 it underwent significant rehabilitation. It totals approximately 8,200m2 of gross building area, spread over 9 floors. It also has 55 parking spaces. The investment opportunity was presented to Fundo CA Património Crescente (Fundo de Investimento Imobiliário Aberto, managed by Square Asset Management), which ended up acquiring the building.

Soon after, there was the announcement that the largest “green” logistics centre on the Iberian Peninsula will be born in Portugal. Parque Logístico Grândola – Euro Atlantic Logistics Park (GLPEA), will be located in Grândola, 150km from the Spanish border. Qantara Capital allocated an investment of several hundred million euros for the development of the new logistics centre, which will occupy an area of 130 hectares and will have a total of 670,000m2 of construction area for logistics, industry and services, 300,000m2 for adjoining infrastructures, and 330,000m2 for green areas.

Finally, Lidl has announced an investment of 11 million euros in the opening of a new store in Vila Nova de Famalicão. The retailer thus continues its investment in Portugal, with the opening of its 89th store in the North zone, in Vila Nova de Famalicão. This is the fourth store in the municipality, which focuses on the development of the local economy. The new space has an area of 1,400m2.