MK Premium Continues its Buying Spree in Portugal, Investing More than €7 Million in One Year

11 December 2018

The Spanish company MK Premium, which has been active in Portugal’s real estate market this year, resumed its buying spree this week, according to idealista/news. This time, the Spanish family office acquired two residential buildings in Porto, for a total of 1.15 million euros, in the area of Ribeira and Vila Nova de Gaia. With these last acquisitions in the final stretch of 2018, the company now owns nine buildings in Portugal, in a total investment exceeding 7 million euros.

“These are the company’s last acquisitions in 2018, and it is very special for us that they are in Portugal since we opened our first international offices in our neighbouring country of Portugal just this year. We are adding these last two buildings to our portfolio of properties that we intend to develop during 2019, before the arrival of the approaching new real estate cycle. The two buildings are in prime areas, both in the old part of Porto and Vila Nova de Gaia, a nearby town and the home to Porto’s famous wine,” Daniel Leiva, founding partner of MK Premium, enthused.

MK Premium is concluding its first year in Portugal having acquired nine residential buildings in Lisbon and Porto, represented a total investment of 7,125,000 euros, in line with the company’s forecasts regarding its activities in its neighbouring country.

Without providing specific figures – because it is still drawing up its results for the fiscal year 2018 – the Spanish company says that its results will come in as positive, after increasing its real estate investments by 15% in both Spain and Portugal.

The historic building next to the Douro River will be rehabilitated and preserved

One of the buildings MK Premium has just acquired is located in the historic centre of Porto, next to Ribeira, one of the most beautiful areas of the city of Porto, considered a World Cultural Heritage by UNESCO. Purchased for 650,000 euros, the property is located at Rua de São Francisco, 38. The building has an area of ​​316 square meters (m2) and consists of five floors and with four apartments with about 69 m2 and 62 m2.

The building, according to the company, offers impressive views of the Douro River and is located next to the Church of St. Francis, one of the most iconic gothic monuments in Porto.

“The building next to Ribeira is in a strategic place in Porto and is one of the most touristy areas. It offers fine views of the Douro River, but above all, it is just a few meters from the famous D. Luís I Bridge. This is undoubtedly one of the most beautiful areas of Porto, which has direct links to its past as a fishing centre. The historic building has maintained its tiled façade, which is so typical of the region. One of our plans is to preserve this architectural heritage, coupled with the image and likeness of how we operate in Spain,” Daniel Leiva stated.

The City of Wine, a major business opportunity

Vila Nova de Gaia, the epicentre of oenological tourism in Porto, is where MK Premium just added another asset to its real estate portfolio and the second building in the area, on the same street as its first acquisition in Portugal: Rua Cândido dos Reis 203, for a total of 500,000 euros. The building measures 394 m2 and comprises eight apartments.

“This is a medium-term opportunity since Vila Nova de Gaia has the largest volume of wine cellars in Oporto. Also, the future exhibition centre, which covers an area of ​​30,000 square meters, will include several museums and a wine school,” the executive said, stating that “in a short time, the area will be revitalised and will receive more than 1 million visitors per year. That is why we acquired the two buildings on Rua Cândido dos Reis, including our first purchase, number 287, and this one, number 203.”

Original Story: Idealista – Tânia Ferreira

Photo: MK Premium

Translation: Richard Turner

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