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

#Brainsflash - Of note last week was the announcement by the promoting company Carvoeiro Branco that it is going to invest 132 million euros in seven new projects in the Algarve
February, 23, 2023

Not even the last colder days have cooled down the real estate market in the country. A little from north to south, some transactions and several investments were finalized. In the past week, prominent announcements have come out in most segments of the industry.

Monday was a day full of news. To start the week it became public that M7 Real Estate has vsold the Forte 9 building to Lusoproa. The former installations of Cervejaria Lusitânia used to operate in the property. With licensing approved, the Forte 9 building, located in Carnaxide, Oeiras, will be entirely dedicated to services, totalling around 3,500 square meters of ABC (Área Bruta de Construção - Gross Construction Area). The transaction amount has not been disclosed.

Secondly, Mota-Engil proceeds with an investment of 70 million in a residential project in Porto. AURIOS, the new luxury development consists of 26 villas, 22 flats and is located on the banks of the Douro River, in Quinta da China. With an area of 15,583 m2, the construction of the AURIOS will be completed in the first quarter of 2025. EMERGE - Mota-Engil Real Estate Developers has just started pre-selling the AURIOS.

Meanwhile, Vanguard Properties has acquired 50% of ECOSTEEL in an investment of 30 million. The investment will enable the creation of a new industrial unit for the production of cross-laminated wood for the construction of tall buildings.

Finally, Belgian promoters announced an investment of 70 million euros in the Arcoverde – new urban living project. Krest Real Estate investments and Revive, announced their first partnership in Portugal, the development is located in an area undergoing rehabilitation in the municipality of Oeiras.

On Wednesday, CUF informed that it is opening a clinic in Leiria as a result of an investment of eight million euros. The most recent unit in the CUF network is located in an area of over 1,300 square metres, in the Urbanização da Quinta da Malta. The construction of a hospital is also planned, which will represent an investment of 50 million euros.

Soon after, it became known that the promoting company Carvoeiro Branco is going to invest 132 million euros in seven new projects in the Algarve. Carvoeiro Branco, led by businessman Erik de Vlieger, will launch the projects in the municipality of Lagoa, in the Algarve, with an investment estimated at 131.9 million euros. The promoter is a minority shareholder of the Carvoeiro Clube Group.

To close the week, it has also been announced that Galp is changing its headquarters to the ALLO – Alcântara Lisbon Offices. The oil company will change its headquarters, moving from the Torres de Lisboa to the ALLO – Alcântara Lisbon Office. The change of headquarters should take place at the end of the year and the rent of the new space reaches five million euros per year.

#Brainsflash - Last week, of particular note, was the investment of 10 million by Civilria in the acquisition of two buildings in the centre of Lisbon.
January, 23, 2023

With the end of January approaching, the real estate market has not stopped, with several companies presenting their results, referring to the year 2022, last week. With regard to investments, the last few days have been more prominent in the housing and logistics segments.

In the beginning of the week, it became public that the former headquarters of Futebol Clube do Porto gave way to a new hotel. AXIS Hotéis & Golfe has opened a new hotel unit, the Axis Porto Club, which is located in a centenary building in the centre of Porto. The hotel has 53 rooms, of which 14 are suites. It represents an investment of 5 million euros.

Meanwhile, news emerged that the first private hospital in Covilhã is to be built. The C2 MedCapital Fund, in partnership with FPT Biomass and AFFIS, will develop what will be the first private hospital in Covilhã, in an investment of 30 million euros. The hospital unit occupies an area of 8,000 m2.

The Garland Group Logistics Park has also announced its expansion to the south. The Garland Group is opening one more logistics centre, in Alcochete. With its opening, the logistics area reaches 163,000 m2, which translates into an increase of 78% compared to the beginning of the previous year. The new logistics centre covers an area of 15,000 m2.

The following day, an announcement turned up in the residential segment, with the “Green Valley” Project being born in the north of the country. The development comprises 54 flats, spread over three storeys in two buildings, it is located in Maia and its completion is estimated for June 2025.

Meanwhile, Olicargo will proceed with the construction of a new logistics centre in the Lisbon region. Olicargo invested around 18 million euros in the construction of the new logistics centre in Azambuja, with the works expected to be completed in the first quarter of 2024. The logistics platform will be the fourth in the Lisbon area and has an area of 25,000 m2.

In the middle of the week, there was the announcement that Civilria has invested 10 million in the acquisition of two buildings in the centre of Lisbon. Civilria acquired the buildings on Rua Engenheiro Vieira da Silva, numbers 10 and 12, which will be converted into housing. The purpose of the business is the connection and reconversion into a single asset for residential use. The building will have a total of 4,300 square meters spread over eight storeys above ground. The project foresees the development of 50 flats for residential use, a ground floor intended for retail, with 247 square meters, and two floors of car parkings.

#Brainsflash - Highlights in the past week were a portfolio of properties valued at more than 400 million euros that entered the market through the hands of Novo Banco
January, 17, 2023

At the beginning of the week, the opening of the first Dior store in Portugal has been made public. Alegria One, a rehabilitation project by the promoter and real estate manager EastBanc, was the space chosen by the legendary Parisian fashion brand to open its first store in the country. The store located on Avenida da Liberdade, in Lisbon, will open its doors this year occupying three storeys of the building, in a total area of 1,050m2.

Meanwhile, the building Lisboa, in Parque das Nações, has been sold by an MCAP Global Finance fund and acquired by the Banco Comercial Português pension fund. The value of the transaction has not been disclosed.

Further north, Gondomar will host a luxury real estate and tourist project in an investment of 85 million euros. The Porto Douro Marina Hotels & Villas, located on the banks of the Douro River, includes the construction of a five-star hotel, 90 villas, a marina and even a heliport. The works should be completed in the first half of 2023, and the construction of the hotel and villas will be carried out over the course of 36 months.

Soon after, there was the announcement that the Zara Store, on Rua Augusta in Lisbon, has been sold in the biggest transaction of a single high street retail space in Portugal. Deka Immobilien proceeded with the sale of the asset whose new owner is a subsidiary of NEXT FCR, a Venture Capital fund managed by STAG and counselled by Optylon Krea. The value of the transaction has not been revealed, but it is known that it was around 20 million euros.

The following day, it became public that a foreign investor had acquired land at Herdade da Aroeira for a residential and tourist project. The project foresees the construction of around 29,000m2 above ground: 247 units - 210 for tourist use and 37 for residential use, including an aparthotel with around 150 units. Neither the investment amount nor the buyer have been revealed.

Meanwhile, the largest portfolio of supermarkets in Portugal is going to be acquired for 150 million euros. The US private equity fund LCN Capital Partners will acquire the so-called “Project Amália”, which comprises 50 assets. The transaction, which will be closed with the German Trei of the Tengelman Group, encompasses 50 assets, in a total area of 68,196m2.

Finally, with the week ending, a portfolio of properties valued at more than 400 million euros will enter the market. The property portfolio will be placed on the market by Novobanco, also including the Cabanas Golf development, a building in Olivais Sul, land in Portimão and the tourist project in Benagil, in the municipality of Lagoa. Similarly, the portfolio includes around 94% of the investment units of the fund that owns the land in Amoreiras, in Lisbon, with an area of 130,000m2, which the institution inherited from Banco Espírito Santo.