October, 3, 2022
The last days of September proved it to be a week of major investments and news, in the real estate market. On the one hand we have had major developments in the office segment; on the other hand we have also had relevant news in the NPL’s market, with BPI selling a portfolio of 140 million euros to funds managed by LX Investment Partners.
At the beginning of the week, a society for the construction of a new office building in Campo Grande has been sold. The funds managed by Blackstone worked together with Multi Corporation in the transaction aimed at the construction of a new office building in Lisbon. Next to the transport terminal between the Alvalade XXI Stadium and the NOS headquarters building, the project allows for the construction of a new office building with over 14.000m2.
Meanwhile, Norfin has launched the “Oriente Green Campus” office building. The construction should be completed during the second half of 2023 and promises to bring a new impetus to the north area of Parque das Nações. The building is located in Moscavide and will have a total office area of 41,100 m2 as well as 18,700 m2 of outdoor areas. The announcement has been made by Norfin, one of the national references in the management of real estate investments, on behalf of the Fundo Multiusos Oriente FEIIF, held by the Orion European Real Estate Funds.
With the week approaching its middle, Maya Capital launches its first real estate project in Lisbon. Eligible for the Golden Visa, Conceição 123 is located in a premium location in the city. The real estate investment fund entered the Portuguese market with an investment of 65 million in residential assets and debuts with this income tourism project.
Mercan Properties also emerged in the spotlight with the acquisition of properties for a new hotel in Faro. The assets will be subject to a rehabilitation and real estate development project, which will bring new life to that space. With a gross construction area of approximately 6.500m², these properties are a unique opportunity to promote a new project in the Algarve. The investment value has not been revealed.
With the week coming to an end, BPI has informed that it has concluded the sale of the Citron Project, with a total gross value of around 140 million euros, to funds managed by LX Investment Partners S.A.R.L.. The Citron Project comprises around 15.000 credit agreements of around 5.000 customers. The non-performing loan portfolio, referring to the Citron Project, includes positions with and without real mortgage guarantees, with a total gross value of around 140 million euros.
Finally, Henderson Park is making an investment of 25 million euros to modernize Lagoas Park. The private equity real estate company announces an investment of 25 million euros for the renovation of the most prominent business park in Portugal and the largest in the Iberian Peninsula. The ambitious modernization project will enhance indoor and outdoor areas as well as collaborative spaces. The business park has been the destination of choice for the national headquarters of companies of international importance.