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

Regulatory Framework Covering SIGIs Approved in Portugal
July 2019 – Richard D. K. Turner The regulatory framework covering Real Estate Investment Companies (SIGIs), the equivalent to American REITs and Spanish socimis, was approved Tuesday in Parliament. Members made some changes to the original wording of the law, which some had considered quite vague, and which would have left the door open to a wider range of possible investments than planned. Parliament amended the regulations to state that SIGIs are to be used for "the acquisition of property rights, surface rights or other rights with equivalent content for real estate for lease…” and may include the execution of services rendered necessary for the use of the property, including cleaning, concierge or maintenance services for office leases. While SIGIs will have the same tax benefits as investment funds, they will only benefit from such "when the property has been held for lease… for at least three years." Lastly, SIGIs must float at least 25% of their equity, compared to 20% before. Original Story: Jornal Expresso - Elisabete Miranda
 
Curzon Capital Invests €100M in a Portfolio of Offices in Lisbon
July 2019 – Richard D. K. Turner Curzon Capital Partners 5 LLP, a fund advised by Tristan Capital Partners LLP, has acquired a portfolio of seven office buildings primarily located in Lisbon’s CBD for an amount totalling 100 million euros. The fund acquired the portfolio from Vision Escritórios, a closed-end fund managed by Norfin. The assets consist of 38,421 m2 of space, including a landmark office building at Rua Castilho, five office buildings in Lisbon’s Zone 2 and a mixed-use building in the nearby suburb of Carnaxide. The offices are 95% leased, with a well-diversified mix of tenants. All of the properties have access to good parking and public transport. Tristan will retain Norfin as an asset manager. Curzon was advised by JLL, Uria Menendez and theCVO Group. Financing was provided by ING Bank Portugal. Original Story: Iberian Property - Vanessa Sousa
 
Lisbon City Council to Invest €239 Million in Affordable Housing
16 July 2019 – Richard D. K. Turner The Lisbon City Council (CML) and the Institute of Housing and Urban Rehabilitation (IHRU) announced that they will invest €239 million to build affordable homes for roughly 1,500 families. The project, which comes under the auspices of the First Right program, will initially consist of a 70-million-euro investment, about of quarter of which will come from the IHRU. At this stage, the CML will identify both families in need and underserved neighbourhoods and refer them to the IHRU, which will funds towards the development of new buildings and homes and urban rehabilitation. The municipality will invest a total of 158 ​​million euros, with the remainder funded by the IHRU. Original Story: Economia Online - Rita Neto