land Assets News: Portuguese Real Estate Intelligence

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”.
June 14, 2022 Last week’s highlight came in the form of the sale of the Infante de Sagres hotel in Porto to Gaw Capital. In anticipation of the holiday celebrations during these weeks in June, the first week of the month proved to be quiet regarding the property market. However, a few transactions stood out, especially in the hotel sector. Right at the beginning of the week, Home Tailors Real Estate announced the sale of a wine estate for 8 million euros. The real estate agency was responsible for selling the Herdade das Fontes Bárbaras, located on a classic Alentejo hill near Castro Verde. The estate has a wine-growing component and a rural tourism and wine tourism project. The tourism project is on the estate’s 162 hectares, where the predominant culture is the vineyard. The 400-m2 tourism project comprises six suites, two living rooms, a game room, a library and heated pool and an independent, 120-m2 two-bedroom house. The property has 43 hectares of irrigated vineyards, two dams, three water holes and two boreholes, 2, approximately 600-m2 warehouses for agricultural support, and all the necessary equipment. Herdade das Fontes Bárbaras also has a fully functioning, 1,000m2 wine cellar, the capacity for 800,000 litres of wine and a wine tasting room. Meanwhile, the Fladgate group sold a hotel in Porto to Gaw Capital. Owner of the Intercontinental Palácio das Cardosas, Gaw Capital is the new owner of the oldest 5-star hotel in Porto, the Infante de Sagres hotel. The Fladgate Partnership sold the historic hotel in a deal whose value was not disclosed. The new hotel, which has yet to be named, will have between 85 and 90 rooms and is expected to be operational within two years.
Miguel Campos of Aura REE Portugal awarded RICS certification

Membership in the RICS imparts the highest recognition at the international level.

Today, Miguel Campos, Associate Director – Head of NPL & REO at Aura REE Portugal, officially became a RICS (Royal Institution of Chartered Surveyors) member. Aura REE Portugal has just announced that Miguel Campos, Associate Director – Head of NPL & REO at Aura REE Portugal, officially became a member of RICS (Royal Institution of Chartered Surveyors) today. RICS, founded in 1868 in London, is the world’s leading professional organisation that sets, applies, and monitors standards of ethics, conduct, and competence for assessing, operating and developing various types of property and real estate. Membership in RICS requires appropriate training and years of relevant experience, which the Associate Director – Head of NPL & REO at Aura REE Portugal has demonstrated throughout his professional career. Being a member of RICS is the highest recognition at the international level. As a professional, this is another important achievement for the company and the Associate Director – Head of NPL & REO. According to Miguel Campos, “personally, it is enormously awarding to be part of this professional body, but it also confirms Aura’s commitment to its demanding compliance standards, codes of conduct, and the client itself. ” José Covas, chairman of RICS Portugal and Managing Partner – Head of Portugal at Aura REE, is the mentor of the members and candidates, encouraging employees to obtain one of the most important professional certifications in the real estate area.