#Brainsflash – Of note last week, was the announcement of an investment of 108 million euros by Mercan Properties in the construction of two new hotels in the marina of Lagos.

November, 21, 2022

As far as the real estate market is concerned, the past week started very calmly, but in a few days and in a sudden change, some segments revealed their strength, displaying significant investments all over the country.

The real estate developer IMOLOTE – Investimentos Imobiliários is going to invest 5 million euros in the reconstruction of a vacant building. Dom Hugo is the new development that will be born in the historic centre of Porto and will have 16 flats aimed at the segment for young people. Reconstruction will begin in 2023 and completion is expected by the end of 2024.

Meanwhile, still in the middle of the week, Hyatt has announced the launch of a new resort in Madeira. The Dreams Madeira Resort Spa & Marina project is scheduled to open in 2024 after renovation works, and will signal the entry into the new global portfolio of luxury resort brands – the Inclusive Collection. The resort, situated in a privileged location on the island of Porto Santo, comprises 366 luxury rooms, standard rooms, luxury villas, a beach and a private marina.

Incus Capital has also announced the investment of 7 million in the D.M2 building in Porto. The Spanish company will commence with the rehabilitation project of one of the most emblematic buildings in Porto, known as “Edifício Tranquilidade” in the city. The property, whose works should be completed by the end of the year, was so nicknamed for displaying the colours and symbology of its main tenant.

Soon after, Fercopor has launched a new luxury development in Porto, named PURE. This is the new real estate project located in Boavista, result of an investment of 18 million euros, scheduled for completion in 2025. The development comprises three three storeys buildings with flats with typologies from T2 to T5 Duplex, linked by landscaped alleys.

With the week coming to an end, Mercan Properties has also announced an investment of 108 million euros in the construction of two new hotels in the marina of Lagos. Mercan Properties signed an agreement with Hilton for the design of new units, Lagos Marina Hotel, Curio Collection by Hilton and the Hilton Garden Inn Lagos. The opening is scheduled for the summer of 2024 and both hotels comprehend a gross construction area of 23,000 m2.

In the meantime, the first ALDI supermarket promoted by Ten Brinke, was inaugurated in Viana do Castelo. The new commercial space has a surface of 1,800 m2, 1,200 m2 of which are for sales to the public. The new supermarket, which is located on a plot of 5,500 m2 in a commercial park, is located in one of the best areas of the city. Ten Brinke is developing a project in Viana do Castelo which covers a total of 14,000 m2 of commercial, residential and service areas.

 

 

#Brainsflash – Last week, JOM has invested 18 million euros in a residential project in an old factory in Guimarães

November, 14, 2022

The second week of November makes us predict another month of major operations and announcements in the real estate market. Over the past week a large movement of transactions and news in the various segments of this sector was witnessed again, throughout the whole country.

At the very beginning of the week, doValue Portugal has announced its participation in the sale, to the Sikla Group, of a land in Palmela. The real estate asset and credit management company has traded an asset with an approved logistical project of more than 30.000 square meters of gross construction area. The value of the operation of the land, located in Palmela in the district of Setúbal, has been one million seven hundred thousand euros. The new owner of the land is the Sikla group, an international business conglomerate operating in the industrial area, present in Portugal and in more than 35 countries.

Further north, on the site of the historic Castanheiro factory in Guimarães, a development with 58 houses will be built by JOM, until April 2024. The real estate project of the group from Guimarães, which owns the furniture and decoration stores JOM, has an investment value of 18 million euros.

In the middle of the week, ALDI Portugal has announced the opening of a new store in Baixa da Banheira, in the municipality of Moita. The food retailer opened its 114th store in the country, being this the second store in the municipality of Moita and the 16th in the district of Setúbal. The new space has a total area of ​​1.548 m2 and a total sales area of ​​1,000 m2.

With the week ending, Casa Peixoto announced an investment of 10 million euros in a store in Lisbon. The company, which operates in ​​trade and distribution of building materials and DIY, home & garden, has started the construction of its new space located in Parque das Nações, near Gare do Oriente. The investment value which does not include the land for the new store, includes a building with approximately 10.000m2, two parking storeys and approximately 5.000m2 of commercial area.

Finally, Lidl has announced the reopening of four stores in an investment of 17 million euros. Located in Macedo de Cavaleiros, Ermesinde, Almada and Cascais, these have sales areas ranging from 1.200m2 to 1.440m2.

#Brainsflash – Last week, the Elegant Group announced the sale of the Hotel Martinhal Cascais to Onyria.

November, 7, 2022

With the year almost over, the beginning of this month of November was surprisingly positive and marking in the number of ads and transactions. There were several and significant operations that the real estate market witnessed during the last week. A little in all segments and from north to south of the country, there was an energetic market with news appearing daily.

On the last day of October, Predibisa presented HABITAT, the new residential development in Porto. The project, located in the Pinheiro Manso area, has an investment of 5 million euros. HABITAT comprises 7 T2 flats and 4 T3 flats, with a total area of ​​2.032m2, 502m2 of which are below ground.

At the beginning of the first week of November, it became public that Jerónimo Martins is occupying 2 storeys of offices, totalling 1.828m2, in the Visconde de Alvalade Building, in Lisbon. Worx acted on behalf of the owner of the property, Fundo CA Património Crescente, with the building being managed by Square Asset Management.

Meanwhile, Barreiro receives a new development – JaBa – Jardim Barreiro. The new residential project on the south bank consists of three buildings, incorporated into a single development, creating a complex of modern flats, which rise next to Jardim dos Franceses, in the historic centre of the city. The sale of the JaBa units has already started, located 20 minutes from Lisbon, Serra da Arrábida and the beaches of Caparica.

With the week coming to an end, the announcement emerged that Prime Portugal has acquired the CascaisVilla Shopping Centre, an asset that was sold by Bain Capital Credit. The commercial project, which is located at the entrance to Cascais, is currently in operation, however, the Municipal Master Plan (PDM) of the municipality already provides for its demolition and the birth of a new mixed-use project, with predominance of residential and commercial.

In the office segment, Grupo AFA and Socicorreia acquired two buildings in the centre of Lisbon. The AFA Group purchased an asset on Av. 5 de Outubro, with approximately 8.000m2 of gross area, spread over 11 storeys, while the Socicorreia group acquired a building on Av. Viscount of Valmor. The business represents an investment of around 27 million euros. Both properties are currently used for offices, retail and parking spaces; however they will be converted to residential use.

Meanwhile, the new five-star Hyatt Regency Lisbon hotel has been inaugurated. The arrival in the Portuguese capital of the world chain Hyatt, took place through United Investments Portugal and Fibeira, under the management of the UIP Hospitality Management Company. As a result of an investment of 70 million euros, the Hyat Regency Lisboa is located in Belém.

At the end of the week, it became public that the US fund Cerberus put up for sale the Fidelidade headquarters building, located in Largo do Calhariz, in Lisbon. At the end of 2019, Fidelidade sold the Arya portfolio to the North American fund, which included the insurance company’s headquarters building. Now, after three years, Cerberus puts the property up for sale. The building houses the headquarters of Fidelidade and also has Caixa Geral de Depósitos as a lessee.

The Elegant Group announced the sale of the Hotel Martinhal Cascais to Onyria, belonging to the Pinto Coelho family. The previous owners of Hotel Martinhal Cascais, the Pinto Coelho family, have been strengthening their close relationship with Roman and Chitra Stern, founders of the Elegant Group, in order to buy and re-integrate the hotel into their remarkable business portfolio at Quinta da Marinha. The investment value of the operation has not been disclosed.

Finally, the Municipality of Sesimbra approved the licensing for a new tourist project, in an investment of around 400 million euros. The development comprises two tourist villages, a hotel and areas of cultural and sports facilities. The proposal is currently being considered by the various entities involved.

 

#Brainsflash – Last week’s highlight has been the launch of Lisbon Heights by Norfin and Castle Capital

October, 24, 2022

With the month of October almost coming to an end, last week was full of news and investments in some segments of the real estate market. Of note was the office segment with some announcements all over the country.

At the beginning of the week, it became known that Mota-Engil ATIV, a new brand in the universe of the Mota-Engil Group, chose the Alverca Park to establish its new offices. The company will occupy an area of 1.700 square meters, corresponding to the entire 2nd floor of Block A (owned by Mitiska REIM), thus becoming the largest occupant of the building.

Meanwhile, Cofidis has inaugurated its new headquarters at Natura Towers, located in Lumiar, in Lisbon. The Natura Towers denote a new phase for the company in Portugal and exhibit three strategic axes: sustainability, transformation and openness to the outside world. The operation represented an investment of 46.5 million euros.

Soon after, VGP, a pan-European company that promotes and invests in high-quality logistics and semi-industrial parks, has laid the first stone for the construction of VGP Park Loures. The value of the investment, comprising the acquisition of land and works, is around 30 million euros. VGP Park Loures marks the arrival of VGP in Lisbon, after the Group’s entry into Portugal in 2019. This is VGP’s first project 100% dedicated to Last Mile logistics. The project is already 100% leased to DPD and DHL.

In the middle of the week, Grupo Violas Ferreira has announced the acquisition of Sovena’s headquarters in Arquiparque, the renowned office park, located on the fringe of the A5, in Miraflores, at the entrance to Lisbon. The building was sold by MelloRDC, through its subsidiary Arquimelo, to Grupo Violas Ferreira. Sovena, the world’s leading company in the olive oil sector, which has been occupying the building since 2012, with a lease in force until 2030, will remain in the property. The asset totals around 3.500 m2 of offices spread over six floors, to which there are 62 parking spaces. The value of the investment is around 8 million euros.

Further north, Interfundos has sold two office buildings in Gaia and Porto. These are the Via Gaia and Júlio Dinis buildings, both located in the Porto Metropolitan Area. The new owners are the Fortera Group and the Horizonte Urbano Group. The investment value has not been disclosed.

At the end of the week, Norfin and Castle Capital launched Lisbon Heights in an investment of 41 million euros. Construction is starting this month and is scheduled for completion in December 2024. The new private condominium already has 35% of the units reserved, resulting from private sales. Located in an old farmhouse in Alta de Lisboa, Lisbon Heights aims to be the capital’s new haven, combining the traditional old style of the existing buildings with the modernism of the project’s lines, where green is present in 6.000m2. The exclusive private condominium will occupy an area of about 20.000 m2 and consists of 95 units, divided between 13 villas from V1 to V5, and 82 flats, from T0 to T4, as well as 7 commercial spaces.

#Brainsflash

October, 17, 2022

The second week of October started very calmly with regard to news in the real estate market. However, in the middle of the week, big announcements began to turn up, with emphasis on the presentation of the real estate development “Campo Novo”, in Lisbon, in an investment of around 300 million euros.

In the retail segment, on Wednesday ALDI Portugal opened its first store in Alcobaça, in the district of Leiria, in line with its expansion plan. The new ALDI Alcobaça will be the first space for the food retailer in the municipality, with a total sales area of 1040 m2.

Two days later, Aldi also opened a new store in Manique, in the municipality of Cascais, thus reaching 113 openings nationwide. Located in the parish of Alcabideche, this is the fourth space of ALDI Portugal in the municipality of Cascais, which already has stores in Amoreira, São Domingos de Rana and Abóboda. The new store offers a total sales area of 1.244m2.

In the middle of the week, it became public that an old restaurant, closed for several years by the Lima River, in Serreleis, Viana do Castelo, will be transformed into a themed hotel. The four-star Filigrana ‘design’ hotel will have 26 rooms and will be the new unit dedicated to filigree, in an investment of more than 1.7 million euros. The former seafood restaurant has 2.440m2 meters, with a total land area of ​​8.136m2.

Finally, at the end of the week, NORFIN has presented “Campo Novo” in an investment of around 300 million euros. Located in the Campo Grande area, in Lisbon, “Campo Novo” will have 80.000m2 of construction above ground and will provide for the construction of three residential condominiums (30.300m2) and four office buildings (37.600m2), joined by an area of commerce with 12.100m2. In addition to these spaces, Campo Novo will include an area of ​​gardens with 20.000m2 and more than 2.200 parking spaces. Most of the investment in this project will be provided for by the North American fund King Street Capital Management, which, together with the Arrow Global Group, owns the land.

 

#Brainsflash

September, 05, 2022

The last few days of the week, the turning point of the holiday period with many returning to their activities, showed a more serene format with regard to investments in the real estate sector. However, there were relevant announcements over the past week, mainly in the student residences segment, marked by the planning of the return to school for many young people.

Right at the beginning of the week, Sonae Sierra announced that it had notified the Competition Authority of the acquisition of Atrium Saldanha, in Lisbon. The retailer Sonae Sierra acquired exclusive control of Imosal – Imobiliária do Saldanha, S.A., a company 100% owned by Kostas. In question is a building consisting of 59 stores and nine storeys of offices, as well as an underground car park.

Meanwhile, LIV Student opened a new student residence, and a new coliving concept was born in Porto, in an investment of 60.5 million euros. LIVStudent Campus Street offers 734 more student rooms in the area of the Polo Universitário da Asprela, in the invictus city. This is the second residence in Porto under the brand Valeo Groupe which has added 1,157 rooms to the city’s accommodation dedicated to university students, in two years. The LIV CoLife offers 71 rooms, as a way to meet the demand for flexible accommodation in the city.

The University of Algarve is also building two residences and renovating another six. The eight approved projects entail a total investment of 14.54 million euros. At stake is the approval of a funding of 13.7 million euros, under the National Plan for Housing in Higher Education (PNAES), to be applied in an ambitious plan that provides for the opening of the two new residences and the requalification/renovation of the six existing ones, in an effort that will make it possible to make 292 new beds available for students. The opening of the two new residences is planned by mid-2024.

#Brainsflash

August, 29, 2022

Coming to its end, this last week of August showed once more the existing robustness of the real estate market. Several segments, all over the country, were the target of significant investments and transactions.

At the beginning of the week, the Tagar Group announced the investment of 28 million euros to set up the Espinho Business Centre. The asset will be the first equipment in the municipality to present spaces ready for immediate occupancy by companies of the industrial sector, service brands and liberal professionals. The Espinho Business Centre will be installed in an area of 58.000 square meters, 23.000 of which are of covered area for various sectors of activity – of these, 11.000 are already in the contracting phase.

Meanwhile, Mealhada has approved the Local Housing Strategy in an investment of 68 million euros. The City Council unanimously approved the Local Housing Strategy in a meeting of the Municipal Executive, which foresees the intervention in several social housing neighbourhoods, the construction of housing and the support, to individuals, for the recovery of degraded houses intended for rent at controlled costs.

At the beginning of the week, Parvalorem was known to have resumed the sale of a property portfolio worth 250 million euros. Two years after the Ministry of Finance blocked this transaction, Parvalorem, which manages the problematic assets of the bankrupt BPN, resumed the process of selling a real estate fund, valued at just over 255 million euros.

Meanwhile, a shut down hotel in Viana do Castelo reopens after works worth 10 million euros. After being closed for 16 years, the Viana Sol hotel reopens in February 2023, after being refurbished as a themed hotel. The hotel will change its name to Dona Aninhas.

At the end of the week, Aldi opened a new store in Palmela. It is in the parish of Quinta do Anjo that the food retailer has opened its 111th store in Portugal, continuing its expansion plan. The new store offers a total sales area of 1.000 m2. With no investment value revealed, the company thus owns 15 stores in the district of Setúbal.

 

The State of the Portuguese Real Estate Market in June

The month that held the arrival of summer and the month of the Popular Saints was marked by large investments in the real estate market. Even during several national and municipal holidays, with festivities all over Portugal, the market didn’t stop for a rest, apparently showing itself to be calm in counter-cycle with the voracious investments that appeared throughout June.

In general, and as was evident last May, there were transactions in some of the sector’s segments, with the main emphasis on housing and hotels.

Housing

The month was already halfway through when there was an announcement that another 70 residential units were to be built in Lisbon, financed by the RRP in an investment of more than 6.2 million euros. The first stone for the construction of 70 homes in Bairro Padre Cruz in Lisbon has already been laid. Under the Recovery and Resilience Plan, the financing contract was signed, which will allow the 100% non-refundable financing of this investment of more than 6.2 million euros under the Lisbon Municipality Local Housing Strategy.

Meanwhile, Fercopor announced a new luxury housing project in a 9-million-euro investment. Enlight will be built in Porto, on Avenida da Boavista, the most recent development created by the luxury real estate company looking to boost the housing supply on that avenue. The project is located next to the former Dallas Shopping Centre, on a plot of 2,636 m2, which has so far remained unoccupied. The new development will make available 20 flats, distributed over seven floors. The one-to-four-bedroom homes will have interior areas of up to 280.5 m2 and exterior areas of up to 95 m2, including balconies, gardens and patios.

In the middle of the month, the Oeiras Town Hall announced that it would sign financing contracts with the Housing and Urban Rehabilitation Institute (IHRU) for the construction, by 2024, of 92 houses for rent, in a total investment of around 19.2 million euros. The project also has a financial contribution from the Recovery and Resilience Plan (PRR) estimated at 15.8 million euros.

Meanwhile, Traçado Regulador announced that it is developing a new project for the construction of a luxury residential building in Oeiras Golf & Residence. The 22 two-to-four-bedroom flats will have areas between 100m2 and 200m2. Investment values were not disclosed.

The following day, the CVM – Construções Vila Maior group revealed that it would invest 140 million euros, over the next year and a half, in building 15 buildings in the Greater Porto area, corresponding to 825 units, of which 425 are already underway. The remaining 400 will start by the end of the 1st quarter of 2023. The Group also announced its entry into the industrial rental area, where it will invest 15 million euros by the end of 2023, in Santa Maria da Feira – Parque Empresarial A32, with 25,000m2 – it intends to continue to buy and invest in this sector, by acquiring new assets.

Retirement Homes

At the end of June, it became public that the Hospital Particular de Viana do Castelo is investing 8 million euros in a new retirement home. The project includes the construction of a retirement hotel with 40 single rooms and 20 double rooms, with a total occupancy of 80 guests, and a clinical unit with physiotherapy, gastroenterology, and outpatient services with all specialities. From the investment of this new unit that will be installed in Avenida Capitão Gaspar de Castro, one of the city’s main arteries, 1.255 million euros correspond to the value of the land acquisition, with the consequent creation of about 60 jobs.

Hotels

At the beginning of the month, the W Algarve luxury resort opened its doors following an investment of around 300 million euros. The W Algarve is the first luxury resort of the W brand in Portugal, located in Albufeira, at Praia da Galé. W Hotels Worldwide has announced opening the W Algarve, which is part of the portfolio of Marriott Bonvoy, which in turn owns more than 30 hotel brands. The company’s latest hotel joining the W Escapes family, is located atop the cliffs in the Praia da Galé area. It features 134 west-facing rooms and suites and 83 W-branded residences.

In the same week came the announcement of the new IMMERSO Hotel that opened its doors in Ericeira after a €6-million-investment by Inspire Capital. The 5-star hotel will be the first in the region, offering 37 rooms, a spa, pool, bar and two gastronomic spaces. It is located in a valley and combines four different accommodation areas, all embraced by the green surroundings. The project’s primary focus is its contact with nature.

The following week, the Fladgate group sold a hotel in Porto to Gaw Capital. Owner of the Intercontinental Palácio das Cardosas, Gaw Capital is the new owner of the oldest 5-star hotel in Porto, the Infante de Sagres hotel. The Fladgate Partnership sold the historic hotel in an operation whose value was not disclosed. The new hotel unit, which has not yet been named, will have between 85 and 90 rooms and is expected to be operational within two years.

As the month drew to a close, Mercan Properties announced a €16.8 million investment in a Holiday Inn Express in Évora, scheduled to open in the summer of 2023. This is Mercan Properties’ second project in the city that holds UNESCO World Heritage status, following the Hilton Garden Inn Évora, whose first stone was laid in 2021. The development, which will create around 100 jobs, 70 of these during construction, and a further 30 permanent jobs to be created once the hotel opens, results from a partnership with IHG Hotels & Resorts (IHG).

Alternative Assets

Also in early June, Home Tailors Real Estate announced the marketing of a Wine Estate for €8 million. The real estate agency was responsible for the sale of Herdade das Fontes Bárbaras, located on a typical Alentejo hill, in the municipality of Castro Verde. The estate has a wine-growing component, along with rural tourism and wine tourism. The project is inserted in the estate’s 162 hectares, where the predominant culture is the vineyard.

With the month coming to an end, the Casais Group announced the investment of €11 million in a hybrid construction complex next to the University of Minho’s Pole. It is in Guimarães that the hybrid construction complex will be born, including a B&B Hotel with 95 rooms, 44 studios for rent and a commercial space. Designed by the architect Mário Fernandes, the hybrid construction complex will be inaugurated still this year. According to the Casais Group, this is the first building of hybrid construction in the Iberian Peninsula, using engineered wood and one-third of the concrete of a traditional building.

#Brainsflash

Last week’s highlight came in the form of Fercopor’s announcement that it would build a new luxury housing project in Porto, investing 9 million euros.

In yet another week of public holidays in Portugal, as we’re already halfway through the year, last week remained calm in terms of announcements regarding investments and transactions, with special emphasis on the housing sector in the central and northern regions of the country.

At the beginning of the week, Terzzit announced that it would launch the West Plaza development with an investment of over €4 million. The investment firm presented the new project, a contemporary building composed of 28 flats in the centre of the village of Bombarral. The two-to-four-bedroom flats will go on sale in July, and construction is scheduled for completion in March 2023. The location, nearby several beaches and tourist sites, and a short distance from Lisbon, has been attracting people who are after a better quality of life.

In the meantime, 70 more homes will be built in Lisbon, financed by the RRP in an investment of more than 6.2 million euros. The first stone has already been laid in Lisbon in Bairro Padre Cruz. Under the Recovery and Resilience Plan, the financing contract was signed, which involves the 100% non-refundable financing of the investment under the scope of the Local Housing Strategy of the municipality of Lisbon.

At the end of the week, Fercopor announced a new luxury housing project in a 9-million-euro investment. Enlight will be built in Porto, on Avenida da Boavista, the most recent development created by the luxury real estate company to renew the housing supply on that avenue. The project is located next to the former Dallas Shopping Centre, on a plot of 2,636 m2, which has so far remained unoccupied. The new development will provide 20 flats, distributed over seven floors. The one to four-bedroom homes will have interior areas up to 280.5 m2 and exterior areas of up to 95 m2, including balconies, gardens and patios. The project also includes a gymnasium and common room for the use of all future residents. The construction is in its initial phase, but sales began on June 15.

Miguel Campos of Aura REE Portugal awarded RICS certification

Membership in the RICS imparts the highest recognition at the international level.

Today, Miguel Campos, Associate Director – Head of NPL & REO at Aura REE Portugal, officially became a RICS (Royal Institution of Chartered Surveyors) member.

Aura REE Portugal has just announced that Miguel Campos, Associate Director – Head of NPL & REO at Aura REE Portugal, officially became a member of RICS (Royal Institution of Chartered Surveyors) today.

RICS, founded in 1868 in London, is the world’s leading professional organisation that sets, applies, and monitors standards of ethics, conduct, and competence for assessing, operating and developing various types of property and real estate. Membership in RICS requires appropriate training and years of relevant experience, which the Associate Director – Head of NPL & REO at Aura REE Portugal has demonstrated throughout his professional career.

Being a member of RICS is the highest recognition at the international level. As a professional, this is another important achievement for the company and the Associate Director – Head of NPL & REO. According to Miguel Campos, “personally, it is enormously awarding to be part of this professional body, but it also confirms Aura’s commitment to its demanding compliance standards, codes of conduct, and the client itself. ”

José Covas, chairman of RICS Portugal and Managing Partner – Head of Portugal at Aura REE, is the mentor of the members and candidates, encouraging employees to obtain one of the most important professional certifications in the real estate area.