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residential Market News: Portuguese Real Estate Intelligence

#Brainsflash - Of note last weel was the annoucement that the Hard Rock Hotel Algarve will open in Portimão.
July, 24, 2023

Hipoges and JLL finalise land sale for Campolide – Nova Goa residential development

Hipoges and JLL have completed the sale of the land for this new real estate project, which will have approximately 7,500 m2 of above-ground construction and 59 apartments. This residential asset, covering about 7,500 m2 and culminating in the construction of 59 apartments, bears the signature of architect Regino Cruz, known for sustainable integration into the surroundings and maximizing the lifespan of high-quality projects for users and the community. The project also benefits from a premium location in the city of Lisbon.

Californian Investors Acquire Boutique Farmhouse Hotel

The transaction was conducted by Athena Advisers, representing the buyer, and CBRE, acting on behalf of the owners, in the sale of the boutique hotel Pensão Agrícola, located in the Tavira region. The small rural hotel will now become the holiday residence of a Californian family while continuing to operate as tourist accommodation. The investment value was not disclosed.

EUR 20 million investment in Eagle 3 development

The Eagle 3 building, located in Oeiras Golf, is a development co-exclusively marketed by Porta da Frente Christie’s and JLL. With an initial investment of 20 million euros, the Eagle 3 building aligns with the trend of moving residences from central Lisbon to Oeiras. It is inspired by greenery and designed for a sophisticated lifestyle that combines golf at the doorstep with the beach just ten minutes away.

Cushman & Wakefield and Savills responsible for sale of two Cifial plants

Cushman & Wakefield and Savills, under a co-exclusive arrangement, are responsible for the commercialization of two factories owned by Cifial, located in Santa Maria da Feira and Viseu. At the Bodo site, the property is situated on a plot of 58,409 square meters with a built-up area of 24,403 square meters. As for the Santa Comba Dão site, it is located on a plot of 69,190 square meters with a built-up area of 17,373 square meters.

Hard Rock Hotel Algarve to open in Portimão

Hard Rock International and Mercan Properties have just announced plans to launch the new Hard Rock Hotel Algarve in Portugal. The new development will be located near the stunning Praia do Vau beach in Portimão, further expanding the global reach of this iconic brand. The investment amount has not been disclosed. The hotel unit, expected to begin construction in early 2024 and open in the summer of 2026, will feature around 275 luxury rooms and suites, as well as 150 apartments with personalized brand services.

FIIA CA Património Crescente acquires La Vie Funchal shopping center

CBRE advised CentroNovoFunchal SA in the sale of La Vie Funchal Shopping Center to the Open Real Estate Investment Fund CA Património Crescente. The selling entity, CentroNovoFunchal S.A., is owned by approximately 50% by the HLP fund, managed by ECS Capital, and about 40% by Grupo Oitante, along with other minority shareholders. In this transaction, the seller was advised by Uria Menéndez – Proença de Carvalho and NewCycle, while the buyer was supported by RPE and Engexpor.

 
The Portuguese Real Estate Market in June

June is one of the most anticipated months throughout the country as it is a time of great festivities and also a period of downtime and vacations. However, this tranquility that reaches many sectors did not affect the real estate market, which once again showed strength with significant investments in various segments and again from north to south of the country.

Last month, in a general analysis, the most prominent segments were residential, which, although with limited supply, is announcing new and important projects. In addition to housing, new hotel units are also emerging, accompanying the arrival of summer with their inaugurations.

Residential

At the beginning of the month, the start of the Rehabilitation Plan for 11 neighborhoods in Lisbon was made public, endowed with 40 million euros. The company Gebalis will begin the Rehabilitation and intervention Plan in 11 neighborhoods in Lisbon, with a total investment of 40 million euros until 2026. The rehabilitation will begin in Bairro dos Alfinetes, in the parish of Marvila, and the works will cover seven buildings and 68 units, with interventions planned on the roofs and facades.

Also, on the southern shore of the Portuguese capital, a residential development will be built next to Fórum Barreiro. The real estate developer Screendomus is responsible for the residential promotion of 200 apartments under construction next to Fórum Barreiro, the “Platinum Barreiro” project, whose commercial value exceeds 90 million euros. In the first phase, the T2, T3, and T4 typologies are launched, distributed on seven floors and five buildings, constituting 116 apartments out of the total investment. The first 62 apartments, blocks one and two, have a delivery deadline for the first half of 2025.

Also in Lisbon, the City Council and the IHRU (Institute of Housing and Urban Rehabilitation) have closed an agreement to invest 322 million euros in public housing. According to the City Council, approximately 100 million euros will be allocated to the rehabilitation of municipal housing. Out of these 100 million, 15 million will be allocated to continue the effort to rehabilitate vacant housing, benefiting 620 units, and the remaining 85 million will be used to rehabilitate buildings with deplorable conditions, benefiting 8,543 units. The remaining 222 million euros will be allocated to housing investments between 2027 and 2028.

In the south of the country, Vilamoura World presents two new developments. Vilamoura World presents its recent real estate projects, Natura Village and The Nine. With the presence of golf courses and the Natural Park, covering 170 hectares, Natura Village is an option for those who want to live in harmony and surrounded by nature, including hiking trails and even bike lanes that allow you to reach the beach, the center, and Vilamoura Marina in just 10 minutes. The second project, The Nine, is located in a consolidated area of Vilamoura, near the clubhouse of the Victoria golf course.

In the north, the news arrived that Grupo CVM is investing 13.5 million euros in the construction of the Edifício Pacífico. The construction of Edifício Pacífico was announced by Grupo CVM, located in Vila Nova de Gaia, and represents an investment of 13.5 million euros. The works, which are about to begin, will build apartments of the T1 (10), T2 (27), T3 (21), and T4 (4) typologies and are expected to be completed in October 2025.

Offices

Mapfre has invested 20 million euros in the acquisition and remodeling of the building José Malhoa 13. The Spanish Group has acquired the building José Malhoa 13, investing an amount of 20 million euros, which includes the acquisition and remodeling of the property. The building, with an area of 4,700 m2 and nine floors, will be renovated to meet the recent trends in architecture and interior design, emphasizing collaborative spaces and paying special attention to the needs of hybrid work models. The ground floor will feature a flagship store, which will be Mapfre’s main store in Portugal.

Meanwhile, BNP Paribas REIM has acquired the office building Pier III. The building, which is currently the new headquarters of Accenture in Portugal, has a total area of 4,500 m2 and offers 101 parking spaces. With a project by the architect Carrilho da Graça, Periptero has created a “cutting-edge” building that is one of the most iconic in Lisbon’s riverside area. The investment amount was not disclosed.

It was also announced that Signal Capital and Sonae Sierra will develop a mixed-use project, República 5. The mixed-use project República 5, located in Lisbon, is being developed by Signal Capital and Sonae Sierra, and features 12 floors dedicated to offices and a single residential area with 20 housing units. República 5 is located in one of the most prestigious areas of Lisbon, next to Saldanha, and dedicates most of its surface (11,600 m2) to offices, distributed over 12 floors.

Industry and Logistics

In this segment, it was learned that an industrial plot of land in Carregado was sold by CBRE. The consultancy firm was responsible for the sale of an industrial plot of land in Carregado, composed of two assets, with a total area of 20,000 m2. The plot, located in the municipality of Alenquer, consists of two assets with a total area of 20,065 m2 and a potential for construction of approximately 10,000 m2. One of the plots has an existing building of 2,600 m2, while the other plot already has an approved PIP (Preliminary Investment Project) that foresees the construction of 6,760 m2.

Shortly after, Garland Group announced the opening of a fourth logistics center in Gaia. The Garland Group will open a new logistics center in Gaia, adding up to four centers in the municipality, with 10,500 m2. This is the third logistics center of Garland Logistics to open within a year in Gaia. The company has six centers in the north, two in the center, and two in the south of the country.

Retail

The Commercial Gallery of Alverca will receive an investment of 32 million euros. NHOOD Portugal will invest 32 million euros in its project to transform the Commercial Gallery of Alverca, a space it manages and in which it will invest around 32 million euros, on behalf of Ceetrus, the new owner of the asset in co-ownership with Auchan.

One of the major milestones of the month was the announcement by Borgwarner of a 90 million euro investment in a new industrial unit in Viana do Castelo. The American company inaugurated in the Lanheses Business Park, in Viana do Castelo, a new industrial unit for the production of electric motors and components for electric, heavy, hybrid, and 100% electric vehicles. The investment, exceeding 90 million euros, will take place over a year, until June 2024, focusing on energy transition and will create 350 new jobs.

Hotels

In this segment, as the month comes to an end, it was learned that the hotel group Grande Buganvilia was sold to Capital Elements. The hotel group Grande Buganvilia, currently owned by Flitptrel Portugal and part of the activities of Davidson Kempner in Portugal, which operates two hotels in the Algarve, has been sold to Capital Elements, a company that is part of the Arrow Group. The transaction refers to the sale of the first asset that DK Partners bought from the banks that own the ECS funds.

Meanwhile, the opening of Vila Galé Collection Tomar has been announced. Scheduled to open on July 1st, Vila Galé Collection Tomar represents an investment of 14 million euros and is the result of the recovery and redevelopment of two emblematic buildings, the former Convent of Santa Iria and the former Women’s College. The new hotel unit has 100 rooms.

At the end of the month, Montebelo Aguieira Lake Resort & Spa presented a new hotel unit. In addition to its privileged location, 20 minutes from the A1 and the city of Coimbra, this 5-star lakeside resort introduces a new hotel unit this year with 58 rooms. The resort also offers 155 one to three-bedroom apartments and four-bedroom villas, the latter with a private pool.

Alternative Assets

In this segment, Cushman & Wakefield announced that it will assume the management of seven assets from MEAG’s portfolio. The consultancy firm has won the management of 48,000 m2 of office assets with three buildings located in Arquiparque, two in Quinta da Fonte, and two on Avenida da Liberdade. MEAG is the asset manager of the Munich Re Group, with branches in Europe, Asia, and North America, offering its know-how to institutional investors as well as private clients outside the group. It currently manages assets worth around 307 million euros, of which 55 million euros belong to external investors.

On the other hand, Albatross Capital and Quantico join forces to create Quest Capital. The joint venture formed by the Spanish company Albatross Capital and the Portuguese company Quantico SA launches Quest Capital, a company that incorporates the operations developed jointly by both companies, integrating their projects, experience, teams, and capabilities. Quest Capital, a pan-European real estate investment and asset management company, is born with over one billion euros of assets under management, 600,000 m2 of real estate assets, and over 6,000 residential and commercial units in its portfolio.

 
#Brainsflash - Of note last week was the announcement that Borgwarner is investing 90 million euros in new industrial unit in Viana do Castelo
July, 03, 2023  

The CVM Group has announced the construction of the Pacífico Building in Vila Nova de Gaia, with a total investment of 13.5 million euros.

The residential project will consist of 62 units spread across 11 floors and 3 basement levels. It is located on Avenida dos Descobrimentos and will have a total construction area of 11,273 square meters.

The building will feature a variety of apartment sizes, including T1 (10), T2 (27), T3 (21), and T4 (4), and the construction is scheduled to be completed by October 2025.

Spanish company Albatross Capital and Portuguese company Quantico SA have formed a joint venture called Quest Capital, combining their operations, projects, expertise, teams, and capabilities.

Quest Capital is a pan-European real estate investment and asset management company, starting with over one billion euros in Assets under Management, 600,000 square meters of real estate assets, and a portfolio of over 6,000 residential and commercial units.

The joint venture aims to leverage the combined resources and experience of both companies to enhance their presence in the real estate market and maximize investment opportunities across Europe.

BNP Paribas REIM acquires Pier III office building.

The building, currently serving as Accenture’s new headquarters in Portugal, spans 4,500 square meters and includes 101 parking spaces.

Designed by architect Carrilho da Graça, the Periptero building is a state-of-the-art structure and stands as one of the most iconic buildings along Lisbon’s riverside.

The investment amount for the project has not been disclosed.

Alverca Commercial Gallery receives investment of 32 million euros

NHOOD Portugal plans to invest 32 million euros in the transformation of Alverca Shopping Gallery, a space it manages and represents as co-owner along with Auchan.

Ceetrus, the new owner of the property, will contribute to the investment of approximately 32 million euros. The investment aims to revitalize and improve the commercial space, bringing about significant changes to Alverca Shopping Gallery.

Signal Capital and Sonae Sierra develop mixed use project República 5.

The mixed-use project, República 5, in Lisbon, is being developed by Signal Capital and Sonae Sierra, featuring 12 floors dedicated to offices and a unique residential area with 20 apartments.

Located in one of Lisbon’s most prestigious areas near Saldanha, República 5 allocates the majority of its space (11,600 m2) to office use spread across 12 floors.

The project aims to provide a combination of residential and office spaces in a prime location in Lisbon, catering to the demand for both living and working in the city.

Vila Galé Collection Tomar is opening.

The Vila Galé Collection Tomar, representing a €14 million investment, will open on July 1st. It is the result of the recovery and redevelopment of two iconic buildings, the former Convent of Santa Iria and the former girls’ college.

This new hotel property features 100 rooms and combines the historical charm of the convent and college with modern amenities and facilities.

The Vila Galé Collection Tomar offers guests a unique and luxurious experience, blending the rich heritage of the buildings with contemporary comfort and accommodation options.

Montebelo Aguieira Lake Resort & Spa presents a new hotel unit.

The 5-star logistics development boasts a prime location, just twenty minutes away from the A1 highway and the city of Coimbra.

This year, the resort introduces a new hotel facility with 58 accommodation units, adding to its offerings of 155 T1 to T3 apartments and V4 Villas with private pools.

Guests can enjoy a wide range of accommodation options, along with the convenience of the resort’s proximity to major transportation routes and the attractions of Coimbra.

Borgwarner invests 90 million euros in new industrial unit in Viana do Castelo.

American company BorgWarner has inaugurated a new industrial unit in the Lanheses Business Park in Viana do Castelo, dedicated to the production of electric motors and components for electric and hybrid vehicles, including heavy-duty and 100% electric vehicles.

The investment, exceeding 90 million euros, will continue for a year until June 2024. It reflects a commitment to energy transition and will lead to the creation of 350 new jobs.

The new facility reinforces BorgWarner’s focus on the growing market for electric mobility, contributing to the development of sustainable transportation solutions and the local economy.