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All Assets News: Portuguese Real Estate Intelligence

The State of the Portuguese Real Estate Market in June
The month that held the arrival of summer and the month of the Popular Saints was marked by large investments in the real estate market. Even during several national and municipal holidays, with festivities all over Portugal, the market didn’t stop for a rest, apparently showing itself to be calm in counter-cycle with the voracious investments that appeared throughout June. In general, and as was evident last May, there were transactions in some of the sector’s segments, with the main emphasis on housing and hotels. Housing The month was already halfway through when there was an announcement that another 70 residential units were to be built in Lisbon, financed by the RRP in an investment of more than 6.2 million euros. The first stone for the construction of 70 homes in Bairro Padre Cruz in Lisbon has already been laid. Under the Recovery and Resilience Plan, the financing contract was signed, which will allow the 100% non-refundable financing of this investment of more than 6.2 million euros under the Lisbon Municipality Local Housing Strategy. Meanwhile, Fercopor announced a new luxury housing project in a 9-million-euro investment. Enlight will be built in Porto, on Avenida da Boavista, the most recent development created by the luxury real estate company looking to boost the housing supply on that avenue. The project is located next to the former Dallas Shopping Centre, on a plot of 2,636 m2, which has so far remained unoccupied. The new development will make available 20 flats, distributed over seven floors. The one-to-four-bedroom homes will have interior areas of up to 280.5 m2 and exterior areas of up to 95 m2, including balconies, gardens and patios. In the middle of the month, the Oeiras Town Hall announced that it would sign financing contracts with the Housing and Urban Rehabilitation Institute (IHRU) for the construction, by 2024, of 92 houses for rent, in a total investment of around 19.2 million euros. The project also has a financial contribution from the Recovery and Resilience Plan (PRR) estimated at 15.8 million euros. Meanwhile, Traçado Regulador announced that it is developing a new project for the construction of a luxury residential building in Oeiras Golf & Residence. The 22 two-to-four-bedroom flats will have areas between 100m2 and 200m2. Investment values were not disclosed. The following day, the CVM - Construções Vila Maior group revealed that it would invest 140 million euros, over the next year and a half, in building 15 buildings in the Greater Porto area, corresponding to 825 units, of which 425 are already underway. The remaining 400 will start by the end of the 1st quarter of 2023. The Group also announced its entry into the industrial rental area, where it will invest 15 million euros by the end of 2023, in Santa Maria da Feira - Parque Empresarial A32, with 25,000m2 - it intends to continue to buy and invest in this sector, by acquiring new assets. Retirement Homes At the end of June, it became public that the Hospital Particular de Viana do Castelo is investing 8 million euros in a new retirement home. The project includes the construction of a retirement hotel with 40 single rooms and 20 double rooms, with a total occupancy of 80 guests, and a clinical unit with physiotherapy, gastroenterology, and outpatient services with all specialities. From the investment of this new unit that will be installed in Avenida Capitão Gaspar de Castro, one of the city’s main arteries, 1.255 million euros correspond to the value of the land acquisition, with the consequent creation of about 60 jobs. Hotels At the beginning of the month, the W Algarve luxury resort opened its doors following an investment of around 300 million euros. The W Algarve is the first luxury resort of the W brand in Portugal, located in Albufeira, at Praia da Galé. W Hotels Worldwide has announced opening the W Algarve, which is part of the portfolio of Marriott Bonvoy, which in turn owns more than 30 hotel brands. The company’s latest hotel joining the W Escapes family, is located atop the cliffs in the Praia da Galé area. It features 134 west-facing rooms and suites and 83 W-branded residences. In the same week came the announcement of the new IMMERSO Hotel that opened its doors in Ericeira after a €6-million-investment by Inspire Capital. The 5-star hotel will be the first in the region, offering 37 rooms, a spa, pool, bar and two gastronomic spaces. It is located in a valley and combines four different accommodation areas, all embraced by the green surroundings. The project’s primary focus is its contact with nature. The following week, the Fladgate group sold a hotel in Porto to Gaw Capital. Owner of the Intercontinental Palácio das Cardosas, Gaw Capital is the new owner of the oldest 5-star hotel in Porto, the Infante de Sagres hotel. The Fladgate Partnership sold the historic hotel in an operation whose value was not disclosed. The new hotel unit, which has not yet been named, will have between 85 and 90 rooms and is expected to be operational within two years. As the month drew to a close, Mercan Properties announced a €16.8 million investment in a Holiday Inn Express in Évora, scheduled to open in the summer of 2023. This is Mercan Properties’ second project in the city that holds UNESCO World Heritage status, following the Hilton Garden Inn Évora, whose first stone was laid in 2021. The development, which will create around 100 jobs, 70 of these during construction, and a further 30 permanent jobs to be created once the hotel opens, results from a partnership with IHG Hotels & Resorts (IHG). Alternative Assets Also in early June, Home Tailors Real Estate announced the marketing of a Wine Estate for €8 million. The real estate agency was responsible for the sale of Herdade das Fontes Bárbaras, located on a typical Alentejo hill, in the municipality of Castro Verde. The estate has a wine-growing component, along with rural tourism and wine tourism. The project is inserted in the estate’s 162 hectares, where the predominant culture is the vineyard. With the month coming to an end, the Casais Group announced the investment of €11 million in a hybrid construction complex next to the University of Minho’s Pole. It is in Guimarães that the hybrid construction complex will be born, including a B&B Hotel with 95 rooms, 44 studios for rent and a commercial space. Designed by the architect Mário Fernandes, the hybrid construction complex will be inaugurated still this year. According to the Casais Group, this is the first building of hybrid construction in the Iberian Peninsula, using engineered wood and one-third of the concrete of a traditional building.
 
The Top Team in Portugal is Currently Also the Only 100%-Certified RICS Team
Pedro Dias, Catarina Baptista, Rodrigo Macedo, Isabel Castro e Silva and Ana Serra are the new AssocRICS. AURA REE Portugal conquered another important goal with the entrance of five of its employees to the RICS (Royal Institution of Chartered Surveyors) professional organization through the AssocRICS (Associate Member) qualification. On June 22, AURA REE Portugal, besides being the company in the market with the highest volume and complexity of assessed properties, conquered another important goal with the entry of five of its employees to the professional organization RICS (Royal Institution of Chartered Surveyors) through the AssocRICS qualification (Associate Member). AURA is currently the only team in Portugal where all surveyors/consultants are certified. Being an AssocRICS is an opportunity to gain professional recognition, demonstrating that the member is qualified, regulated, and trustworthy while at the same time enabling the start of the path to MRICS status (Chartered Member). Aura REE Portugal is thus reinforcing its commitment to the highest ethical and professional standards with the help of its new AssocRICS members: Pedro Dias - Started working in the real estate sector in 2007 with a construction company. In 2008 he started his Degree in Civil Engineering at the Universidade Lusófona de Humanidades e Tecnologia.  Between 2012 and 2018, he was employed as the director of the works in construction companies. In 2018 he joined Aura REE and currently holds the position of Senior Associate. He has an MBA in real estate valuation from ESAI (Escola superior de Atividades Imobiliárias). He is a certified real estate appraiser by CMVM and a member of the order of technical engineers. Catarina Baptista - In 2014, she began her Masters in Urbanism and Spatial Planning at Instituto Superior Técnico. She started her professional activity in 2017 in a national real estate consulting company. In 2021 she joined Aura REE and is currently a Senior Analyst. She has an MBA in Real Estate Valuation from ESAI and is a certified real estate appraiser by CMVM. Rodrigo Macedo - In 2013, he began work on his Management Degree at the Instituto Superior de Economia e Gestão. He then started his career in 2019 in the financial department of a multinational operating in the tourism sector. In 2021 he joined Aura REE and currently holds the Junior Analyst position. He has an MBA in real estate valuation from ESAI and is in the process of registration as a certified real estate appraiser by CMVM. Isabel Castro e Silva - In 2011, she joined the Integrated Masters in Architecture at the Instituto Superior Técnico and in 2014 she did a stint at the Faculty of Architecture and Urbanism of the University of São Paulo. She began her professional career in 2015 in an architectural studio in Lisbon. In 2021 she joined Aura REE and currently holds the position of Associate. She has an MBA in real estate valuation from ESAI and is a certified real estate appraiser by CMVM and a member of the order of architects. Ana Serra - In 2011, she began work on her Integrated Masters in Architecture at the Instituto Superior Técnico, and subsequently went on to her professional activity in 2013 in an architectural studio in Porto. In 2021 she joined Aura REE and currently holds the position of Associate. She has an MBA in real estate valuation from ESAI and is a certified real estate appraiser by CMVM and a member of the order of architects. Also recently the team leader, Miguel Campos, Associate Director - Head of NPL&REO at Aura REE Portugal, obtained the MRICS certification. José Covas, chairman of RICS Portugal and Managing Partner - Head of Portugal at Aura REE and João Garcia Barreto, Engagement Manager - Head of National Business, are the new members’ mentor, encouraging employees to obtain one of the most important professional certifications in the real estate sector. According to José Covas, "Aura REE Portugal is setting an excellent example in the market by investing in the training and qualification of its team, reinforcing its commitment to quality and professional ethics. As the chair of RICS in Portugal, the new members of Aura REE Portugal have taken part in one of the best seasons for RICS bringing in one the highest numbers of new members since RICS started in Portugal." Aura REE Portugal has an excellent team composed of real estate specialists in various areas, with a profound knowledge of market dynamics. It advises on different types of assets, with a special focus on REOs and NPL portfolios, strategic consulting, and market analysis in real estate development projects. Aura REE is at the forefront of consulting in the real estate sector, with a mission to elevate the sector’s professionalization. In Portugal, the company is regulated by the RICS (Royal Institution of Chartered Surveyors).
 
#Brainsflash
June 27,2022 Quiet continued in Portugal’s corporate real estate market last week. However, at the beginning of the week, Mercan Properties announced the €16.8 million investment in Holiday Inn Express in Évora, which is scheduled to open in summer 2023. This is Mercan Properties’ second project in the city that holds UNESCO World Heritage status, following the Hilton Garden Inn Évora, where work began in 2021. The development, which will create around 100 jobs, 70 of these during the construction phase and a further 30 permanent jobs once the hotel opens, is a partnership with IHG Hotels & Resorts (IHG). Meanwhile, OSQUARED, part of the Omer Group Investments, founded by the Israeli businessman Eli Omer, will boost its investment in Porto with the OLIMPO Porto project. The residential development, set in a 12.000 m2 area, will consist of more than one hundred one-bedroom studios next to Estrada da Circunvalação, a few minutes away from some of the most emblematic places in Porto. The amount of the investment was not revealed. On June 21, the Oeiras Town Hall announced that it will sign financing contracts with the Housing and Urban Rehabilitation Institute (IHRU) to build 92 houses for affordable rents by 2024, in an overall investment of around 19.2 million euros. The project also benefits from a financial contribution from the Recovery and Resilience Plan (PRR), estimated at 15.8 million euros. Almost at the end of the week, it became public that Traçado Regulador is developing a new project to construct a luxury residential building in the Oeiras Golf & Residence. The 22 two-to-four flats planned will have areas between 100m2 and 200m2. Once again, the total expected investment was not revealed. The week ended with the news that the CVM Group - Construções Vila Maior - will invest 140 million euros, until 2024, to build 15 buildings in Greater Porto, corresponding to 825 flats, of which 425 are already underway. Work on the remaining 400 will begin by the end of the first quarter of 2023. The Group also that it would invest in industrial leasing, where it will invest 15 million euros by the end of 2023, in Santa Maria da Feira - Parque Empresarial A32, totalling 25,000m2. its intention is to continue buying and investing in the sector, looking to acquire additional assets.