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

SPX Reinforces in Algarve with 850 Beds in Quinta Do Lago
October 22, 2021 – Ana Custódio SPX has finalised a deal with CGD, boosting its presence in the Algarve. After acquiring the prestigious tourist-residential complex The Keys, SPX - International Asset Management has completed another transaction in the region, this time for two plots of land in the exclusive Quinta do Lago development. The sales by Caixa Geral de Depósitos involves mortgage loans secured by two plots of land, occupying a total area of 7.6 hectares, for real estate development within the resort. The land for tourist-residential use, given as a guarantee for the acquired mortgages, adds a construction potential of 45,600 m2 (28,200 m2 +17,400 m2) to the 45,000 m² SPX already owns in this complex in Almancil. Added to the other 72 residential units it is selling in The Keys, the investor will now have the possibility to create 850 new beds. With an above-ground construction potential of 28.200 m2, enough for up to 500 beds, the plot designated AL1 is located in the northern part of Quinta do Lago. Next to the multisports complex “The Campus” is plot ET3, with a construction potential of 17,400 m2 and 350 beds. JLL again provided support for SPX throughout the process, providing buy-side advisory, and commercial and technical DD, valuation and development strategy services. SPX also counted with the help of Morais Leitão’s legal team, coordinated by partner João Torroaes Valente from the Corporate Real Estate department. According to Gonçalo Santos, Head of Capital Markets at JLL, “this deal highlights investors’ continued interest in the Portuguese resort market, where over the last twelve months, several hundred million euros have already been invested in the acquisition of assets for development. Having entered the Portuguese market with an initial investment of over 95 million euros in acquiring The Keys, with these new acquisitions SPX definitely becomes a key name in this industry in Portugal and in Quinta do Lago in particular, which, as this operation confirms, has been at the top of investors’ list for almost five decades in the Algarve.” Translation: Richard D K Turner
Goldman Sachs With €1-Billion to Invest in Logistics on the Iberian Peninsula
October 22, 2021 – Ana Custódio The US bank wants to invest in warehouses in Portugal and Spain. According to a report published by Cinco Dias, the North American bank has announced that it will invest one billion euros in building warehouses in Portugal and Spain over the next three years. Goldman created the Newdock brand for this purpose. Goldman Sachs Asset Management will invest through its real estate department. The recently created Newdock has been operating since the beginning of the year and already has a portfolio of seven logistics for development in Spain, with a total gross leasable area of 500,000 square metres. According to the publication, the initial investment in the portfolio would amount to 400 million euros. Although there is the intention to invest in Portugal, there is no specific information on any specific projects. Newdock intends to build facilities for operators with more specific needs and will also develop turnkey projects. Quoted in Cinco Dias, Javier Solís of Goldman Sachs explained that Newdock was created to accompany major national and international operators, responding to their logistics needs in the Iberian Peninsula. "We believe that the market will be increasingly demanding in terms of quality standards, efficiency and sustainability of logistics assets." Translation: Richard D K Turner
Mondego Capital Partners Place €50-Million Bet on Portuguese Real Estate
October 22, 2021 – Ana Custódio The real estate developer Mondego Capital Partners is growing its portfolio of projects with acquisitions in historic neighbourhoods. Mondego Capital Partners is focusing on Portuguese real estate with an additional investment of 50 million euros, the real estate developer said on Friday. The investment involves a set of unique buildings for residential projects with special emphasis on creating large residential areas. With the acquisition of new real estate projects in historic neighbourhoods such as Baja-Chiado/Alfama, Avenida Sidónio Pais and Avenida 5 Outubro, Mondego Capital Partners is boosting its portfolio of real estate projects with a total investment of 50 million euros in Lisbon. Gonçalo Ahrens Teixeira, a partner at Mondego Capital Partners, said: "We are seeing a post-Covid growing demand for luxury residential projects, especially for large-area flats. With these recent acquisitions, we will be in a position to provide flats with areas exceeding 200 m2 to the market." Translation: Richard D K Turner