• Transaction / Assets
    French Group Buys Former Factory Near Parque das Nações
  • Seller
  • Buyer
    Union de Partenaires pour l'Investissement
  • € MM
    n/a

French Group Buys Former Factory Near Parque das Nações

30 January 2018

A significant new residential construction project will be erected on the grounds of an old textile factory, near the Parque das Nações and the Cabo Ruivo metro station. The property was bought by a group led by the Union de Partenaires pour l’Investissement (UPI), a French real estate development company.

The 20,000 sqm area on the Avenida Infante Dom Henrique, which had belonged to a Portuguese textile company, has an inactive industrial facility which was built in the 1950s and was considered for decades as a champion of the Portuguese wool textile industry. In 2008, an architectural detail plan was approved that allows for the construction of a project with a gross floor area of 43,500 sqm for use as offices, retail, residential and supporting facilities.

The seller, who was advised by the law firm SGFC-Seabra, Cunha, Marta and Associates, sold the property to the French group founded in 1994 by René de Menthon and François Blanchard, which focuses on the rehabilitation of high-rise residential buildings in Paris. The buyers were advised in this transaction by the law firm VDA-Vieira de Almeida. CBRE and JLL mediated the sale.

Miguel Gonçalves Ferreira, a senior advisor in CBRE’s development area, described the operation as a genuinely unique transaction because of the scale of the asset, the mix of uses and the location, compared to most of the assets that are currently available on the market. “This project will have an immense impact on the urban network of the eastern part of Lisbon and can create value in a previously industrialized area. This project reinforces and continues the macro-urban rehabilitation project initiated in the Parque das Nações, with a long-term perspective that links the area to the center of Lisbon. Also of note, is the constructive and articulated way in which both parties generated consensus and set up this complex transaction.”

Fernando Vasco Costa, the director of JLL’s Urban Development Department, believes that “this transaction shows the market trend for new large-scale construction projects with different uses and positioning than those in previous years. We are beginning to see greater evidence of the growing interest on the part of the developers in plots of land for new construction and the Parque das Nações remains an obvious area for an expansion of the city.”

Original Story: Diário Imobiliário

Translation: Richard Turner