Prata Living Concept Fund Acquired by Vic Properties

29 January 2019

With the objective of developing various real estate development projects in Portugal, Vic Properties initiated its investment strategy in the country through its acquisition of the Lisfundo Real Estate Investment Fund (FIIF), which is responsible for the development of the Prata Living Concept residential project in Braço de Prata, in Lisbon. Norfin, a Real Estate Investment Fund Management Company, manages Lisfundo and will maintain its current functions.

Although the value of the acquisition was not disclosed, Norfin confirmed that “because it is one of the largest and most emblematic projects under construction in Portugal,” the amount involved “is in the hundreds of millions of euros.”

Norfin also added that it is not an “opportunistic” investment and that Vic Properties “intends to be a national reference.” It aims to develop projects over the long-term,” i.e., Vic Properties has come to Portugal to stay and not just to develop this one project.”

Rebranding

In general, Vic Properties intends to maintain the current business plan for the Living Prata Concept and expects to complete construction on the development within three to four years. “At the moment only the first building, out of a total of 12, has been completed, in addition to all the necessary infrastructure. Given the demand, work also has already begun on the second building.”

Norfin also confirmed that Vic Properties has opted to make some changes to the development. Those will be carried out by the same architectural offices that were responsible for the initial project – Renzo Piano and CPU. Representatives of the Italian architectural firm were in Portugal a few weeks ago, presenting new ideas for the project.

The firm plans on “expanding the flats’ design to include sizes and prices that will appeal to a broad spectrum of national and international clients.” Vic Properties is also looking to improve “the public areas within the project” as well as “diversify the range of commercial spaces.”

On the other hand, the project is also undergoing rebranding. The company stated: “We are making a serious investment in a new concept for the whole project. The changes will also provide the area with services and facilities that allow people who live, work or simply visit the area to have a very positive and unique experience.”

The project by numbers

Gross building area – 244,000 m2

Housing – 103,000 m2

Commerce – 19,000 m2

Services – 7,000 m2

Dwellings – 499

Buildings – 12

Investment lot 7 and lot 8 (corresponding to Building 1) – €60M (including infrastructure the investment value amounts to €130M).

Original Story: Construir

Translation: Richard Turner