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All Market News: Spanish Real Estate Intelligence

Hoti Stars to Convert the Palacete dos Condes into a 4-Star Hotel
4 April 2020 The São João da Madeira city council has unanimously approved granting a 50-year concession to operate the Palacete dos Condes Dias Garcia to Hoti Star Hotels in a meeting held last week. In return, Hoti Hotels agreed to renovate the property, turning it into a four-star hotel, and pay an annual rent of 30,528.00 euros. The Brazilian-style manor, which was built at the end of the 19th century, was constructed by António Dias Garcia, a native of the area who made his fortune in Brazil. The property, which has been unoccupied for the last thirty years, will undergo a 4-million-euro renovation and open in mid-2022. The manor is one of the 16 properties in the second phase of the Portuguese government’s Revive program. Original Story: Labor.pt - Diana Familiar Translation/Summary: Richard D. Turner
 
Portugal’s Banks Continue to Reduce NPL Ratio
4 April 2020 Portugal’s banks managed to reduce their stock of non-performing loans (NPLs) last year by a total of 4.5 billion euros, equal to a drop of 20.9% since the previous quarter. According to the report by the Bank of Portugal (BdP), the "Portuguese Banking System: Recent Developments," local banks had holdings of €17.194 billion as of December 2019, down from €21.736 billion in September. The banks’ total NPL ratio fell by 1.6% to 6.1%. Non-performing loans to companies fell by €3.7 billion (-3.5% q-o-q), while NPLs to individuals fell by 400 million euros or 3.7%. At the same time, total assets decreased by 1.3% in the fourth quarter of 2019, from €397.2 billion to €392.2 billion. In a broader measure, the Tier 1 ratio (CET 1) rose by 0.3% to 14.1%, mainly due to the 1.8% decrease in risk-weighted assets. The return on assets of banks operating in Portugal improved last year compared to 2018, to 0.75%, while the return on equity (ROA) rose to 8.1%. Original Story: Jornal Económico - António Vasconcelos Moreira Translation/Summary: Richard D. Turner
 
Novo Banco Looks to Begin Works in Amoreiras
4 April 2020 Novo Banco is waiting for the Lisbon City Council to approve its project to subdivide the financial institution’s landholding in Artilharia I, near Amoreiras. The project, which still requires infrastructure works, is said to be worth approximately €160 million. GEF, the management company of the Amoreiras closed-end real estate investment fund, a majority-owned subsidiary of Novo Banco, submitted the subdivision request last year. The change would facilitate the sale of individual, smaller plots of land. The project envisions the initial construction of an office building which may concentrate Novo Banco’s operations in Portugal’s capital. The larger real estate project, which has suffered countless delays, has been on hold since the financial crisis, more than a decade ago. Original Story: Jornal Expresso - Diogo Cavaleiro Photo: António Pedro Translation/Summary: Richard D. Turner