offices Market News: Portuguese Real Estate Intelligence

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.


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.


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.


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.


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 Solyd launches Élou residential project in Loures in a 75 million investment
May, 29, 2023

Valongo Business Park is under commercialization

Cushman & Wakefield is responsible for leasing the Valongo Business Park, a business center created through the renovation of the former Lear Valongo facilities. The park, located in Valongo, Porto district, will be divided into two modules measuring 9,900 m2 and 6,750 m2 respectively, offering spaces starting from 270 m2 that can accommodate either a single tenant or up to 31 occupants. In addition to the modules, the park will feature 852 m2 of office space dedicated to coworking and supporting small and medium-sized enterprises (SMEs) as well as social institutions in the region.

Hisense sets up at Lagoas Park

Henderson Park, the owner of Lagoas Park, will welcome Hisense to its business park. The Chinese technology multinational, previously located in a small standalone building in Porto Salvo, has chosen Lagoas Park as its preferred business complex in Portugal, aligning with Hisense's growth strategy. Henderson Park is undertaking a significant capital investment program of 25 million euros to modernize Lagoas Park and create a thriving environment and community.

Savills Investment Management invests 39 million in the acquisition of a supermarket portfolio in Portugal

Savills Investment Management has acquired a portfolio of supermarkets in Portugal for 39 million euros, covering a total area of over 21,600 m2. The transaction was completed on behalf of the European Food Retail Fund (EFRF) managed by Savills Investment Management. The international real estate investment manager has successfully acquired a portfolio of four strategically located supermarkets in Porto, Algarve, Castelo Branco, and Nazaré.

Alegro Alfragide Invests 10 million euros in refurbishment project

Nhood Portugal has announced the start of renovation works at the Alegro Alfragide Shopping Center, with an investment of 10 million euros. The shopping center is one of Nhood's managed assets and is co-owned by Ceetrus Portugal and CBRE Investment Management. The main objective of this renovation project is to enhance the customer visiting experience and, as a result, increase the attractiveness and commercial value of the property.

Solyd launches Élou residential project in Loures in a 75 million investment

SOLYD has launched a new residential project called ÉLOU in Loures, featuring 266 apartments within a gated community. ÉLOU is the name of the gated community, offering spacious apartments ranging from T1 to T5, along with amenities such as an outdoor pool, gym, multipurpose room, and decorated lobby. The apartments are spread across 17 buildings. Located in Santo António dos Cavaleiros, ÉLOU provides direct access to the center of Lisbon and other parts of the country. It is also less than 10 km away from Lisbon Airport and the Vasco da Gama Bridge.

AURYA development reaches 70% sales

The AURYA project by Habitat Invest and Bain Capital Credit has achieved 70% sales in the same week construction begins. In 2020, Habitat Invest partnered with Bain Capital Credit to develop the first residential project in Loures, targeting a market segment with lower purchasing power. The project, named AURYA, has been a successful sales venture, with a significant portion of Portuguese buyers. The AURYA project consists of 25 buildings developed in multiple phases, totaling over 75,000 m2 of gross construction area, with approximately 50,000 m2 above ground. This will introduce over 400 new homes, ranging from T1 to T3, into the market.

#Brainsflash - Of note last week was the announcement that Lagos will host a new five-star tourist resort
May, 22, 2023

Student housing to be built in Avepark

The Guimarães – Avepark Science and Technology Park will have a building dedicated to accommodating university students. The accommodation facilities will include various types of units, such as individual rooms, double rooms, studios, and different-sized apartments. The building will offer a range of options, including 20 individual rooms, 35 double rooms, 24 studios, four T0 apartments, 22 T1 apartments, and five T2 apartments.

Lagos to host new five-star tourist resort

A new luxury tourist development with a capacity of 402 beds is planned for Monte da Atalaia, Lagos, representing an investment of approximately 14.4 million euros. The five-star hotel will consist of 201 accommodation units and aims to establish a hotel operated by the Marriott Hotels chain. The project aims to provide high-end accommodation and promote tourism in the area.

A new development is to built next to Areeiro

The Vision Areeiro project consists of 74 apartments spread across 12 floors, including T0, T1, T2, and T4 units, as well as a spacious Penthouse. Additionally, there are coworking and gym spaces. The development is situated in a peaceful residential area between Parque das Nações, Avenida de Roma, and Lisbon Airport, providing quick and easy access to major roads and public transportation networks, including the metro. The investment value for the project has not been disclosed.

Claranet opens office in the Beato Creative Hub in a investment of six million euros

Claranet, with an investment of around six million euros, becomes the first private company to open its doors at the Hub Criativo do Beato in Lisbon. The brand’s new headquarters spans over 4,000m2 and is designed to accommodate up to 500 employees simultaneously. The innovative office concept focuses on sustainability, energy efficiency, productivity, and employee well-being.

Finangeste acquires old Castil cinema and will invest 4 million euros in rehabilitation

Finangeste has acquired the former Castil cinema premises from BBVA and will invest 4 million euros in its rehabilitation. The company aims to transform the space into a disruptive office that can accommodate high-quality tenants. The former cinema, which opened on February 2, 1973, and closed in 1988, has an area of approximately 1,600m2 and previously housed a BBVA branch.