Israeli Group Fortera Invests in Student Residences in Porto (and more …)

26 November 2018

The Israelis at Fortera Properties are investing in the construction of a student residence in the city of Porto, located in Campanhã. The investment is part of a set of projects that the group, led in Portugal by Elad Dror, its CEO and co-founder, recently announced for Greater Porto. At stake is a total investment of €200 million for the rehabilitation of buildings and the construction of new buildings for housing and hotels.

The head of the group confirmed the existence of the student residence with idealista/news, noting that the intention is also to “hold onto the management of the property” in addition to leading the construction.

The local authority already approved a PIP (Prior Information Request) for the building, which is located 400 meters from Campanhã Station. The PIP covers an area of implantation of 1,200 square meters (m2), including seven floors and a basement, and its construction will replace a set of buildings that are in the phase of advanced decay.

The Campanhã 1 project, as shown in a video posted to YouTube, will create added value for “an area that is in transformation and for the growing development of the city of Porto,” he emphasised.

A publicly-listed company as a partner

A significant portion of Fortera’s investment – €150 million – is intended for the restoration of buildings in the centre of Porto and their conversion into hotels. One of the projects will have 130 rooms, while the second will have 200 rooms, with construction expected to start in 2019.

Elad Dror told idealista/news that the Israeli partner, who will share the risk over the next five years, is a public company, but declined to reveal its name. “Since it’s a listed company, any announcement is viewed through the lens of the stock market, it will only be named when the deal is completed.”

Housing projects next to the Casa da Música

One of the group’s investments is a set of buildings that are being renovated for use in housing.

B-Well, Fortera’s new project, is located at the beginning of Avenida da Boavista, in front of Casa da Música and consists of two “nineteenth-century buildings, two magnificent architectural works that naturally provide the elegance and style that we seek to achieve. The buildings will be restored and adapted to contemporary requirements,” the Frontera Properties website states.

Boavista One, located at 373 Rua Nossa Senhora de Fátima, will be made up of 13 flats, from studios to two-bedroom apartments, with storage spaces on the ground floor. Construction is due to be completed by 2020.

Prices between €3,500 and €5,000/m2

In Porto, Elad Dror stated that the company is “developing different projects: some consisting of small units, aimed at investors and others are for residential purposes.”

Regarding possible prices, the executive stated that they would “vary between 3,500 euros/m2 for flats located next to the Casa de Música and 5,000 euros/m2 for the homes in Nevogilde, which are luxury villas.”

The latter project, located in the parish of Nevogilde/Foz, “is the most expensive and the main residential area of Porto. This part of the city is very calm and relaxing because of harmony coming from views of the beach and the sea,” the developer highlighted.

The four villas, with four bedrooms, garden and parking spaces, feature modern architecture, with high-quality finishes and comfort. With completion scheduled for 2020, each Four Devil’s house has 897 m2 of gross construction area.

Projects in Santa Catarina and Cedofeita

According to information on the group’s website, Fortera is also rehabilitating a building, dating back to the 1950s, that is located in the heart of the city of Porto, on Rua Santa Catarina.

The Santa Catarina 1569 project preserved the original façade, as well as its traditional structure, made up of tiles and balconies. “The eight apartments, ranging from studios to three-bedroom flats, are distinguished by the quality of the materials and their finishes,” the website states.

There is also a new project in Cedofeita, due to be presented soon, whose prices will range between 3,750/4,700 euros per m2.

New build in Espinho

Espinho One is a residential project located in the city of Espinho, facing the sea. Consisting of 38 flats, the project is undergoing a total investment of 7.5 million euros and is expected to be completed by 2020.

“The project is characterised by a set of facilities that will provide the necessary comfort of a cosy and modern environment,” the developer stresses, adding that it will be comprised of one to four-bedroom flats “whose prices will vary between 2,300 and 2,600 euros per m2. ”

Original Story: Idealista – Elisabete Soares

Photo: Fortera

Translation: Richard Turner