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real-estate-news Market News: Spanish Real Estate Intelligence

Norfin to Invest €200 Million in the Metropolis Development
20 January 2020 Norfin announced that it would invest 200 million euros to build the new Metropolis development in Lisbon. The firm had previously acquired the project from the Multi Corporation. The real estate manager, a subsidiary of the Arrow Global Group, intends to build a more than 80,000-m2 mixed-use development in the area of Alvalade.   The development, on the grounds of the former stadium, will include four new class-A office buildings, with a total of 37,600 m2, three apartment blocks with 30,250 m2 and more than 200 flats. The area will have house 11,100 m2 of stores and services, with construction set to begin at the end of the year. Original Story: Jornal Econômico - Rodolfo Alexandre Reis Translation/Summary: Richard D. Turner
 
Brookfield Asset Management in Joint Venture with Temprano Capital
20 January 2020 Brookfield Asset Management's Strategic Real Estate Partners II has formed a partnership with Temprano Capital Partners to invest in the market for student housing in Portugal and Spain. The two firms announced that they would develop 19 new student residences. The Canadian fund has taken control of Temprano Capital, committing to conclude 25-year lease contracts for 19 student residences in Portugal and Spain. The joint venture has also secured an option to acquire the assets at a later date, including a total of more than 8,000 beds. As part of the transaction, the new firm will take immediate operational control, through the triple-net leases, of 3three assets. The assets include the Collegiate Madrid Aravaca; the Collegiate Marina Real (Valencia) and the Livensa Living Barcelona Diagonal Alto. Also, in separate transactions, the two companies agreed on other projects will total 1,000 additional beds, increasing the capacity to a total of 9,000 beds. Original Story: Economia Online - Rita Neto Translation/Summary: Richard D. Turner
 
Vanguard to Develop the Bayline in the Algarve
20 January 2020 Vanguard Properties, the new owner of Herdade da Comporta, is set to build a new development in the Algarve, called the Bayline. The closed condominium is just 30 meters from Praia dos Pescadores, in Armação de Pêra. The development will have 256 one-to-three bedroom flats, with a total investment of approximately 85 million euros. The project will likely be one of the last major beachfront developments on Portugal’s southern coast. Most of the flats will have both sea views and view of the lagoon. The Bayline will also have services and leisure areas, including concierge services, a spa, gyms, indoor and outdoor pools, gardens and sports fields. Original Story: Economia Online - Fátima Castro Translation/Summary: Richard D. Turner