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land Market News: Spanish Real Estate Intelligence

China’s EMGI to Invest €300 Million in Major Mixed-Use Development in Lisbon
29 August 2019 The EMGI Group has acquired a significantly sized plot of land in Alcântara, called Encosta da Tapada, and plans to invest a total of 300 million euros in a mixed-use development. The approximately 14-hectare plot of land is located next to the former Alvito Quarry, in Alcântara, Lisbon. The Encosta da Tapada project consists of a mixed-use development with 87,000 square meters of flats, 22,000 m2 of offices and 11,000 m2 of shops, along with 900 parking spaces. About 25% of the total 550 planned apartments will participate in the Portuguese government’s Affordable Rental program, an initiative that provides tax incentives to developers to create below-market rental housing. The Chinese investor group is currently investing in six other real estate projects in Lisbon. Original Story: Economia Online - Leonor Mateus Ferreira Adaptation/Translation: Richard D. K. Turner  
 
Novo Banco Liquidates Imovalor After Sale of Last Asset

27 July 2019 – Richard D. K. Turner

Novo Banco has liquidated its Imovalor fund after selling its last asset, a plot of land with more than 21,000 square meters in Campo Pequeno. The fund sold the property, which is located on Lisbon's Avenida Sacadura Cabral, near number 40, in November to Roundhill Capital and TPG Real Estate for 36 million euros.

The property in Campo Pequeno has a total of 21,450 square meters and comes with approval for the construction of an allotment with approximately 39,000 square meters of above-ground surface area. The buyers are looking to move forward with a mixed-use development, including a 390-bed student residence and 250 flats.

After the fund’s liquidation, the proceeds of the sale were transferred to Novo Banco.  

Original Story: Jornal de Negócios - Rita Atalaia

 
Teixeira Duarte Teams Up With Chinese Firm to Develop Project in Oeiras
25 July 2019 – Richard D. K. Turner Teixeira Duarte sold 50% of one of its subsidiaries, TDE - Empreendimentos Imobiliários, to China Construction Portugal, for 31.1 million euros, the company revealed in a statement sent to the Securities Market Commission (CMVM). The project is slated to include office, residential and commercial buildings in Oeiras on land owned by Teixeira Duarte. The sale is expected to have a net impact of approximately 22.2 million euros on Teixeira Duarte's results. Original Story: Economia Online - Rita Neto