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

Twelve Lots at Douro Atlantic Garden Sell for €5.5 Million
20 November 2020Only 12 of the 39 lots that belonged to the bankrupt Invesfundo III’s mega-project were sold on auction for a total of 5.5 million euros, while no offers were received for all 15 hectares. Invesfundo III, which was managed by Grupo Espírito Santo’s (GES) Gesfimo, has tried to start the construction of the Douro Atlantic Garden in Gaia since 2006, after having obtained 55-million euro in financing from the bankrupt BES. Novo Banco, which inherited the loan, eventually forced the fund into insolvency last July, with debts totalling €58.2 million.  The bankruptcy was followed by the liquidation of its assets, as two lots were put up for sale. On Wednesday, November 18, 37 purchase bids were opened, and only 12 were accepted, but none of them were for all the assets. The 12 lots sold, mostly single-family homes, went for the lowest bid prices, totalling around 5.5 million euros. Original Story: Jornal de Negócios - Rui Neves Translation/Summary: Richard Turner
Three Office Buildings at Quinta da Fonte Sold to Signal for 20 Million Euros
12 November 2020Signal Capital Partners, with support from Altamira Portugal and CBRE, has acquired three buildings for more than 20 million euros, adding to its existing portfolio of fifteen properties at the Quinta da Fonte Office Park. The assets have a total surface area of 6,400 m2. Located fifteen kilometres west of central Lisbon, the office park is strategically positioned between Lisbon and Cascais. Quinta da Fonte, which attracted the most investment in Lisbon this year, is the address of many important companies. According to Aura REE Portugal, Signal Capital Partners acquired the assets together with the pan-European real estate fund Acacia Point Capital. The assets were managed by Oitante and previously owned by the now-defunct Banif. Original Story: Vida Imobiliária - Ana Tavares Translation/Summary: Richard Turner
The Keys Development at Quinta do Lago Sold for €95 Million
10 November 2020 - The Keys mega-development in Quinta do Lago, in the Golden Triangle of the Algarve, has been sold to the company SRESPX – Investments, which is helmed by the entrepreneur Rogério Xavier. The sale followed a previous attempt to unload the asset, whose owner, Birchview, received financing from CGD totalling 307 million euros. The bankruptcy administrator initially put the development on auction in August with a base price of 110 million euros. The latest auction was set at 95.41 million euros, and the Brazilian investor paid ten euros above the minimum asking price. The project includes an unfinished, 171-unit real estate development. The villas are on plots of land ranging from 465 m2 and 1062 m, with construction areas between 314 m2 and 376 m2. The 3-to-4 bedroom flats have terraces, and some have private pools. Birchview was the asset that helped push Caixa Geral de Depósitos (CGD) into insolvency. In 2007, CGD's General Directorate of Risk (DGR) approved the project based on the assumption that the state-owned bank would finance 50% of the project. In the end, however, CGD financed 100% of the investment, ultimately leading to its downfall. Original Story: Jornal de Negócios - Rodolfo Alexandre Reis Translation/Summary: Richard Turner