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Commercial Real Estate Sector Hit Pre-Pandemic High in 1Q2020

21 April 2020 – The first three months of this year saw €1.5 billion in commercial real estate transactions in Portugal, the second-best quarter ever, according to a report by CBRE. Between January and March, there were 17 transactions involving 42 properties. The highest result for one quarter came at the end of last year (€1.7 billion).

Some of the most significant deals in the quarter include the sale of a stake in several prime shopping centres – Colombo, Vasco da Gama, CascaiShopping and NorteShopping. Those accounted for “approximately half of the volume” in the first three months of the year. Other significant sales consisted of the acquisition of a portfolio of ten hotels and the sale of a portfolio of eight offices.

While before the pandemic, CBRE was forecasting a new record for the year, surpassing last year’s record investment of 3.5 billion euros, even in light of the lockdown the consultancy still expects somewhere between 2 and 2.5 billion euros in sales

Original Story: Jornal de Negócios – Pedro Curvelo

Translation/Summary: Richard D. Turner