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All Assets News: Portuguese Real Estate Intelligence

Davidson Kempner Buys €216.3 Million in NPLs from Novo Banco
8 March 2021 - Ana Custódio Novo Banco announced that Davidson Kempner Capital Management had won the tender to acquire the Wilkinson Project, a portfolio of bad debts. In the statement, Novo Banco noted that: “The completion of the transaction, under the agreed terms, is expected to have a neutral to marginally positive direct impact on Novo Banco’s income statement and capital in 2021.” Davidson Kempner had also already acquired Novo Banco’s Nata 2 portfolio in 2019. The portfolio consisted of €3 billion worth of bad debt which stemmed from Ongoing, a bankrupt group previously helmed by Nuno Vasconcellos, and Sogema, which had been owned by the executive Bernardo Moniz da Maia. The Wilkinson Project comprises bad debts totalling 216.3 million euros, made up of defaulted loans from large debtors. The debts are not covered by the Resolution Fund’s Contingent Capitalisation Mechanism (CCA). The sale of bad debt portfolios to specialised funds reduces the stock of bad debts more quickly and thus reduces NPL (non-performing loan) ratios. The deal comes at a time when Novo Banco is continuing its efforts to clean up its balance sheet. Atena Equity Partners (in consortium with Blantyre) and Bank of America Merrill Lynch were also in the running for the Wilkinson Project, but Davidson Kempner was chosen for this operation. Translation: Richard Turner
Endutex to Build the First Moov Hotel in Lisbon
8 March 2021 - Ana Custódio The project represents a €10-million investment scheduled to open in 2022. The development is one of the Endutex Group’s latest forays into the hospitality sector. The new  hotel is the brand’s first in Lisbon and is located in the prime area of Parque das Nações.  Moov Hotels is a subsidiary of Endutex Hotéis, which is in turn owned by Portugal’s Endutex Group, which was founded in 1970 in the north of Portugal and is known as one of the primary European producers of textile coverings. Moov Hotels’ philosophy is to provide more comfort, combining quality and price with contemporary and sophisticated design and an environmentally friendly attitude. Located in one of Lisbon’s leading business and entertainment centres, the Moov Oriente will maintain the spirit that characterises the brand, providing practical, comfortable and economical accommodations for people travelling for work or leisure. The new project is not the first time the Endutex Group has invested in southern Portugal. The Moov Oeiras is already operating in the municipality of Oeiras, near the busy Lagoas Park and Taguspark. Besides the Moov Oeiras, the group also operates the Moov Porto Centro, the Moov Porto Norte and the Moov Évora. The group’s fifth unit in Portugal will go up in Parque das Nações and will also be Endutex’s most extensive, offering a total of 180 rooms. According to André Ferreira, general manager at Endutex, the hotel is a strategic bet, “since, in this area, known for the large-scale movement of passengers arriving from the airport, but also the railway and bus station, demand still exceeds supply. On the other hand, we feel that there are few solutions at a fair price, so we want to fill that gap.” The Endutex Group is also preparing to reinforce its international presence, with the construction of the second Moov hotel in Brazil, in Porto Alegre, in the emblematic ASTOR Cinema, which is expected to open in the first semester of this year. The new unit, which is being concluded, will have 149 rooms on ten floors. According to Mr Ferreira, even at a moment when the hotel sector is facing significant challenges, the Endutex Group is confident in its ambitious growth strategy. “We have several projects in our portfolio for this segment, not only with the opening of new hotels but mainly in the introduction of new accommodation concepts, which will be announced soon. Our clients are varied, so it is imperative to rethink strategies, improve concepts and prepare for the future of hospitality.” Translation: Richard Turner
VIC Properties Concludes Riverside Village Building Project
8 March 2021 - Ana Custódio The developer responsible for some of the largest residential projects in Portugal, VIC Properties S.A., has finalised the construction of the Edifício Riverside. It’s the second apartment building to be inaugurated stemming from the renowned Italian architect Renzo Piano’s project. The Riverside development is composed of forty flats and was fully let well before its conclusion, with sixty-five per cent of the building’s residents being Portuguese. The Riverside follows the first finished project, whose 28 flats are also fully let and inhabited. Focused on the Portuguese residential real estate market, VIC Properties will soon also start the construction of two more buildings, adding another 98 flats within the larger Prata Riverside Village development, the new neighbourhood going up in the parish of Marvila. The properties are located on the bank of the Tagus River and linked to the Parque Ribeirinho Oriente. The real estate developer’s attention is now focused on the sale of the last units of the Edifício West, which comprises 107 flats, which will be concluded until the end of 2021, as well as beginning marketing of the 65 apartments in the Edifício Urban. Luís Gamboa, Chief Operating Officer of VIC Properties, considers that “The Prata neighbourhood is becoming increasingly consolidated. The Central Square is also being remodelled to gain greater dimension and amplitude. Soon, we will witness the opening of Prata’s first commercial spaces, which will serve not only the residents of Marvila but also the hundreds of people that pass by there every day.” The remaining buildings in the development are also under construction, with particular emphasis on the building that will form the heart of the neighbourhood, a space dedicated to retail, with a large food hall, as well as a fitness centre, including a swimming pool and spa, for use by the condominium’s residents and visitors. The Prata Riverside Village stands apart for being a real neighbourhood environment, calm and full of life. The development combines modernity and functionality with sustainable and durable material technologies. It will include shops, restaurants, galleries, a bike lane, and playgrounds capable of serving the resident community and attracting visitors from other areas in Lisbon. The Prata Riverside Village was named the Best Real Estate Development in the Housing category in Portugal (SIL Award 2019). It continues to develop rapidly while attracting significant demand from those who want to live in Lisbon in a neighbourhood where everything has been properly thought out. Translation: Richard Turner