land Market News: Spanish Real Estate Intelligence

Urbania Looks to Acquire Land in Lisbon for Build-to-Rent Project
20 February 2020 The Spanish real estate development firm Urbania International is said to be negotiating its first build-to-rent investment project in Lisbon. The developer is looking to acquire a plot of land in Portugal’s capital for the development. Urbania is based in Spain and primarily operates in the Spanish and Brazilian markets, with offices in Malaga, Madrid, Barcelona, Ibiza, and Fortaleza. The firm also has investments in the student housing market through its subsidiary, Syllabus. Original Story: Diário Imobiliário - Frederico Abecassis Translation/Summary: Richard D. Turner
New Luxury Development Quinta da Casa Amarela to Open in Porto
7 February 2020 Worldgest is currently building what will be a new luxury residential condominium in the neighbourhood of Antas in Porto. The new development, called the Quinta da Casa Amarela, will stem from an 18 million euro investment. The property measures 16,000 square meters, including an 18th-century mansion which belonged for more than a century to a wealthy Porto family, the Cepêdas. The renovation will convert the property into a residential complex comprising 28 houses and flats. Of those, only three have starting prices below one million euros. Higher priced homes include a €1.9-million, 419-m2, four-bedroom flat and a €1.06-million, 235—m2, two-bedroom flat. The condominium, located at Avenida dos Combatentes da Grande Guerra, will also come equipped with a heated indoor pool, a Turkish bath, a party room and extensive gardens. Original Story: Jornal de Negócios - Rui Neves Translation/Summary: Richard D. Turner
Novo Banco to Sell Herdade dos Pinheirinhos to VIC Properties
8 January 2020 Novo Banco will sell the Herdade dos Pinheirinhos to VIC Properties, an Austria-based real estate investment firm. According to an article in the Jornal Econômico, VIC is expected to pay less than 80 million euros. Portugal’s Resolution Fund needs to approval sale, as the Contingent Capital Facility covers the asset. The Pelicano Group designed the project for the property and invested approximately 167 million euros in the development of two hotels, three villages, four aparthotels and a golf course. The failed bank BES funded the project, which led to its eventual liquidation. O Novo Banco venderá a Herdade dos Pinheirinhos à VIC Properties, uma empresa de investimento imobiliário com sede na Áustria. Segundo um artigo no Jornal Econômico, a VIC deverá pagar algo menos do que 80 milhões de euros. O Fundo de Resolução de Portugal precisa aprovar a venda, pois o Mecanismo de Capital Contingente cobre o ativo. O Grupo Pelicano desenhou o projeto para a Herdade e investiu aproximadamente 167 milhões de euros no desenvolvimento de dois hotéis, três aldeias, quatro apart-hotéis e um campo de golfe. O banco falido BES financiou o projeto, o que levou à sua eventual liquidação. Original Story: Jornal Econômico - Maria Teixeira Alves & António Vasconcelos Moreira Translation/Summary: Richard D. Turner