Tag: weekly update

#Brainsflash

The principal investments and main highlights of the last week in the Portuguese real estate market.

June 27,2022

Quiet continued in Portugal’s corporate real estate market last week. However, at the beginning of the week, Mercan Properties announced the €16.8 million investment in Holiday Inn Express in Évora, which is scheduled to open in summer 2023. This is Mercan Properties’ second project in the city that holds UNESCO World Heritage status, following the Hilton Garden Inn Évora, where work began in 2021.

The development, which will create around 100 jobs, 70 of these during the construction phase and a further 30 permanent jobs once the hotel opens, is a partnership with IHG Hotels & Resorts (IHG).

Meanwhile, OSQUARED, part of the Omer Group Investments, founded by the Israeli businessman Eli Omer, will boost its investment in Porto with the OLIMPO Porto project. The residential development, set in a 12.000 m2 area, will consist of more than one hundred one-bedroom studios next to Estrada da Circunvalação, a few minutes away from some of the most emblematic places in Porto. The amount of the investment was not revealed.

On June 21, the Oeiras Town Hall announced that it will sign financing contracts with the Housing and Urban Rehabilitation Institute (IHRU) to build 92 houses for affordable rents by 2024, in an overall investment of around 19.2 million euros. The project also benefits from a financial contribution from the Recovery and Resilience Plan (PRR), estimated at 15.8 million euros.

Almost at the end of the week, it became public that Traçado Regulador is developing a new project to construct a luxury residential building in the Oeiras Golf & Residence. The 22 two-to-four flats planned will have areas between 100m2 and 200m2. Once again, the total expected investment was not revealed.

The week ended with the news that the CVM Group – Construções Vila Maior – will invest 140 million euros, until 2024, to build 15 buildings in Greater Porto, corresponding to 825 flats, of which 425 are already underway. Work on the remaining 400 will begin by the end of the first quarter of 2023.

The Group also that it would invest in industrial leasing, where it will invest 15 million euros by the end of 2023, in Santa Maria da Feira – Parque Empresarial A32, totalling 25,000m2. its intention is to continue buying and investing in the sector, looking to acquire additional assets.

#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.

#Brainsflash

May 30, 20222

The Pestana Group has inaugurated the Madeira Acqua Residences after an investment of 100 million euros.

With summer coming, these last days of May began to heat up, and the same applied to the real estate market, which was particularly fervent during the last week. Real estate investments were particularly dynamic across the board.

The week was beginning when Novo Banco announced the sale of a portfolio of logistics properties. The deal’s completion is expected to have a positive impact of around 35 basis points on the Novo Banco group’s total capital ratio. The buyer’s identity and the amount of the sale of the logistics properties located in Portugal were not released. At stake are real estate assets held mainly by the real estate funds NB Património and NB Logística, both managed by GNB Real Estate. On average, Novo banco held around 75% of the said real estate assets in March 2022.

Meanwhile, Sonae Capital opened a luxury hotel in Porto after an investment of around 20 million euros. The 68-room Editory Boulevard Aliados Porto Hotel is the latest five-star hotel to open in Aliados. The Editory Boulevard Aliados Porto Hotel is in the heart of the city of Porto. It offers nearly seventy rooms, a heated outdoor swimming pool, two meeting rooms, a sensorial provocation restaurant and a cocktail bar. The hotel results from a partnership between FVC Group and SC Hospitality, with an architecture and interior design project designed by Ding Dong.

The week was still in its early stages when a new British School of Lisbon campus was revealed, resulting from a €30 million investment. The second campus, measuring 7,000-m2s, has 30 classrooms, a swimming pool complex and sports pavilion and will be located on land adjacent to the Belenenses stadium. Following an agreement with the Belenenses Football Club, the British School of Lisbon plans to open its second campus in Lisbon. The space will be built on land located just above the main stadium.

As the week was ending, it became public that the Pestana Group had inaugurated the Madeira Acqua Residences after an investment of 100 million euros. Madeira Acqua Residences results from the refurbishment of the Madeira Palácio Hotel and has 181 flats with one to four bedrooms and penthouses. More than 60% of the units have already been sold. Madeira Acqua Residences has over seven thousand square meters of green area, direct private access to the beach and an infinity pool on the edge of the cliff, immediately overlooking the sea. The real estate project located in Madeira, also offers a gym, swimming pool, relaxation, social and work areas, and parking for residents and visitors.

#Brainsflash

May 22, 2022

Of particular note was Sonae Capital’s sale of Aqualuz Tróia Mar & Rio and The Editory by The Sea Tróia-Comporta.

The middle of May proved to be especially active for the real estate market in Portugal, particularly in the residential and hotel sectors. Some news of interest came to light, along with significant investments.

At the beginning of the week, Coporgest’s Chiado 12 announced that it would gain new luxury flats. Transformed into a residential building, in a total investment of 9.25 million euros, Chiado 12 is undergoing an intervention to add two new luxury flats. The development located in Largo do Chiado, in the heart of Lisbon, has been a reference in the capital for being where the famous Hermès brand shop is located. In 2014 it was acquired by Coporgest, a company specialising in the development of luxury real estate projects.

Madeira plans to invest €136 million in housing for 1,400 families under the Recovery and Resilience Programme (PRR). The Government of Madeira aims to build 783 homes by 2026 in the autonomous region’s 11 municipalities. The projects built in the 11 municipalities may suffer changes due to the rise in the price of raw materials and labour shortages. At stake is the acquisition of 533 homes at controlled costs and the rehabilitation of 325 homes, especially regarding energy efficiency improvement. There is also a budget of 1.6 million euros for information technologies linked to social housing.

Midweek, it was announced that Herdade Monteverde is the new residential tourist resort on Lisbon’s south bank. Located in a 102-hectare nature reserve, Herdade Monteverde will have 355 homes, including detached villas, townhouses, and flats. In partnership with the SIL Group, Homelovers is now exploring this new project after the success of Herdade da Aroeira. It is a tourist residential development, so it may be eligible for Golden Visa buyers. Prices for detached villas start from €740,000 and townhouses from €420,000.

Meanwhile, a new My Auchan convenience store has opened in Costa da Caparica. More My Auchan shops are planned for the coming years. This is the 32nd My Auchan shop to open. The 385-m2 space is located in Rua dos Pescadores and intends to offer a simple and quick response to its customers and a better shopping experience.

With the week coming to an end, the São João da Praça was announced as a new residential project in Alfama. The new project next to Sé de Lisboa, is the result of the rehabilitation of a Pombaline building in Alfama. The renovation project, designed by Appleton & Domingos Arquitetos, will bring to this traditional neighbourhood nine modern 1 to 2-bedroom flats, and two duplexes on the top floor. The areas of the flats vary between 60 m² and 124 m², with prices from €500,000 to €1,040,000. Construction began in April and delivery of the flats is scheduled for the last quarter of 2023.

Finally, Sonae Capital announced the sale of Aqualuz Tróia Mar & Rio and The Editory By The Sea Tróia-Comporta. The Editory Hotels, Sonae Capital’s Hospitality business unit will keep the management of these tourism assets, with a total of 377 rooms. This is one of the largest real estate investment operations in hotels carried out in the Portuguese market since the beginning of the year, the transaction value of which was not disclosed.

#Brainsflash

The biggest investments and highlights of the previous week in the Portuguese real estate market.

May 16, 2022

The highlight of the week was the launch of the Octant Hotels brand by Discovery Hotel Management.

The last week was marked by some news and investments in the Portuguese real estate market. The highlight was the hotel sector, where the most significant announcements from north to south of the country predominated.

At the beginning of the week, it came to light that a German transport and logistics multinational had opened a technology centre in Porto. The new facility is located in the Latin Building, with a total area of 1,000 m2. It will be the office building’s first tenant as it expands its operations in Portugal. The new technology centre is intended for developing digital solutions.

Meanwhile, the Hotel Meliã Lisbon has entered the second phase of construction. The hotel going up next to the Marquês de Pombal should be ready by 2023. It will have approximately 240 rooms, convention rooms and a congress centre for 550 people. There are 22,220 m² of gross construction area on 14 aboveground floors and six underground floors.

Portugal’s housing sector also saw some significant news, as a project was announced involving the development of 400 flats in an investment of 16.25 million euros. The new project has the potential for building over 50,000 m2 of residences located next to Marina de Lagos in the Algarve. Marina Park II has an approved PIP with the potential to build around 400 homes in addition to a retail area. Interfundos has awarded the exclusive commercialisation of this project to JLL. The project represents an excellent opportunity to reinforce the supply of homes in the Algarvian city. It foresees a total construction area of over 51,000 m2, of which 49,520 m2 is distributed over 16 plots for residential development and 1,600 m2 for retail.

The week came to a close as news broke of Auchan’s investment of around €40 million in a new store in Cascais. The old Pão de Açúcar there was Portugal’s first supermarket 49 years ago and has now been renovated. The Auchan Retail Portugal group is responsible for the investment in the new spot, which opened last Wednesday. The new shop will have an area of around 7,000 m2, a garden at one of the entrances, a rooftop with sea views and a shopping gallery with several restaurants.

Discovery Hotel Management announced that it had launched Octant Hotels. DHM’s new brand will group and manage the eight hotels owned by the Discovery Portugal Fund in Portugal, called Octant Hotels. Its portfolio includes a unique set of boutique hotels throughout the country, which will become part of the Octant Hotels brand.  The hotels include the Douro41 Hotel & Spa, Palácio da Lousã Boutique Hotel, Évora Farm Hotel & Spa, Santiago Hotel Cooking & Nature, Praia Verde Boutique Hotel, Vila Monte Farm House, Azor Hotel and the Furnas Boutique Hotel.  DHM intend to offer a unique approach to service and experience, allowing it to showcase the best of Portuguese hospitality and highlight its various regions, cultures and landscapes.

Finally, Azora acquired the Pestana Blue Alvor. Built in 2019, the five-star hotel covers 120,000 square metres and has almost 500 rooms. This is Azora’s fourth investment in Portugal, after previously acquiring the Tivoli Marina Vilamoura resort, the Tivoli Carvoeiro resort and the Vilalara Thalassa resort. Azora bought the Pestana Blue Alvor through its Azora European Hotel & Lodging fund. Details of the investment was not disclosed. The hotel is in Alvor, on Portugal’s southern coast, with access to several beaches.

#Brainsflash

May 9, 2022

This week’s sale of an office building on Avenida de Berna for 15 million euros was the most noteworthy.

At the start of a month, when summer is already making itself felt, the sun also seems to be shining on the entire real estate sector. The dynamism is apparent all over the country, including the archipelagos.

Brainsre News Portugal learned that Palacete Benformoso in Lisbon had been placed on sale for 3.4 million euros earlier this week. The 19th-century palace is classified as Property of Public Interest and is located in the neighbourhood ofIntendente, one of the most attractive areas for investing in Lisbon today. Athena Advisers are marketing the manor.

Meanwhile, doValue announced the launch of a new luxury development in Funchal. The Casas Brancas project consists of 11 villas located in a tourist area of the parish of São Martinho, Funchal. Designed by the architect Paulo David, the development is set on a rectangular geometric base plot of about 3,322 m2. These villas are arranged on three levels, allowing for south-facing balconies and terraces with excellent natural light and sea views.

Soon after, a building on Avenida de Berna, currently occupied by Cofidis and Prosegur, was sold for 15 million euros. The property, located at number 54 Avenida de Berna in Lisbon, was acquired by a Portuguese institutional investor from Tristan Capital Partners’ CCP 5 fund. With a gross area of 3,825 m2 and 124 parking spaces, the building is located right in front of the Calouste Gulbenkian Foundation, between Campo Pequeno and Praça de Espanha.

In Lisbon again, we learned that the Promenade development had been completed. The project underwent a total investment of around 50 million euros. The building was the target of high levels of demand by foreign investors, who account for 80% of the building sales on Lisbon’s waterfront. Located at 24 de Julho Avenue, the Promenade enterprise is one of the real estate developer AM|48’s most iconic projects. The building was designed by the award-winning architect Frederico Valsassina and constructed by Mota-Engil.

Further north, Mercadona opened a new store in Póvoa de Varzim. With a sales area of 1,900 m2, this is the chain’s 31st supermarket in Portugal and the first in that city. Last Tuesday, Mercadona opened the new supermarket at Rua Comendador Francisco Quintas, in Póvoa de Varzim.

Also in the north, and approaching the end of the week coming up, Supera announced that it would invest €10 million in Gaia. Supera already operates two sports centres in Portugal and has seven more projects underway in Portgual. The Spanish group will build a swimming complex in Gaia, after having been granted a 40-year municipal concession. The Aquatic Training Complex will be built in Gaia’s Parque da Lavandeira. The Galician group Sidecu, which operates the Supera brand of gyms, has 45 locations in Spain and two in Portugal, and plans to invest 10 million in the facility. The brand also has other projects underway in Portugal, in Braga, Porto, Coimbra, Seixal, Barreiro and Lisbon.

Finally, in the logistics sector, a logistics operator has acquired land in Vila Franca de Xira for more than 2 million euros. The transaction was concluded in March, but was only just announced. The real estate credit and asset manager, doValue Portugal, intermediated the sale of a plot of land with a total area of 100,560 m2 to a well-known Portuguese logistics operator. With excellent access, the land is located in Castanheira do Ribatejo, Vila Franca de Xirae.

#BrainsFlash

The biggest investments and main highlights of the last week in the real estate market.

May 2, 2022

Aldi invests 60 million euros in its largest distribution centre.

After the first quarter of the year, for which statistical data is still being released, this last week of the month was very tranquil regarding investments in the real estate market. Still in a transitional phase after the Easter period and with a holiday at the beginning of the week, these last few days were, in fact, very quiet in transactions and operations in most of the real estate sectors.

Of note was the announcement that Aldi has invested 60 million euros in its largest distribution centre. Located in Moita, the warehouse will allow it to supply more than 100 Aldi shops in Portugal. The food retailer also stated that the 57,000-m2 centre would streamline the supply to its shops across the country. The facility was designed to supply over 150 shops in the country. The investment came in response to Aldi’s expansion plan in Portugal, aiming to reach 200 shops by 2025.

At the end of the week, Grupo Domingos Névoa announced it had acquired two shopping centres for a total of more than 20 million euros. Its initial acquisition of the Braga Retail Center was followed closely by the Mira Maia Shopping. The Braga group intends to reinforce its presence in this sector. Mira Maia Shopping, inaugurated in 2009 by the bankrupt FDO, in a €45 million investment, was managed by Inogi – Asset Management. The asset is located close to Francisco Sá Carneiro Airport, has 19,000 square metres of gross lettable area, around 80 shops and approximately 850 parking spaces.

#BrainsFlash

April 26, 2022

Thor announced the expansion of its portfolio, acquiring a project in the heart of Porto.

The last two weeks, which encompassed the Easter holidays, saw an extended period of calm in Portugal’s real estate market. However, some of the sectors were more prominent during these weeks of the month, primarily housing, which provided the most interesting news of the period.

Residential

April was almost halfway through when the beginning of construction on MERECES 718 was announced, in an 8-million-euro investment. The first building of the new multipurpose complex, developed by dstgroup, began with the construction of 36 flats and two shops in Barcelinhos, the municipality of Barcelos. Focused on creating a familiar and safe environment, the project has already sold more than 40% of the units.

Meanwhile, the Convento do Beato will build a more than a 60-flat residential condominium. The Larfa Properties group will redevelop the surrounding buildings to accommodate the residences and a central square with a garden to unify the entire block. The block of Convento do Beato in Lisbon is being redeveloped to include a new residential condominium called Beato Quarter, in addition to the well-known events space.

Finally, the real estate developer SOLYD Property Developers has started the construction of the third block of Lago Altear, having already sold 80% of the units after just three months. The third building of the development LAGO ALTEAR – Block C – is the seventh launch of the project ALTEAR, consisting of 63 new flats and three shops in Alta de Lisboa. Composed of three buildings, Block C represents an investment of 31 million euros and is the final phase of the LAGO ALTEAR development. The first ones are already concluded and fully let. The construction company Alves Ribeiro is responsible for the project, which will be completed in 2024.

Senior Citizens Homes

Thor announced the expansion of its portfolio, acquiring a social and health project in the heart of Porto. Thor Private Equity bought a home for senior citizens on Rua 5 de Outubro, Porto, which will consist of more than 6,910 square metres of surface area. The investment company is following through on its previously announced investment plan for the Iberian Peninsula. It is set to develop a six-floor building with 96 single rooms and eight double rooms.

Hotels

The Barceló Angra Marina received an award at the Traveller Review Awards 2022. The awards are given according to high scores in customer reviews in recent years. The Traveller Review Awards 2022 were awarded to 113 Barceló Hotel Group hotels located in 13 countries in Europe. The only five-star hotel in Angra do Heroísmo, on the island of Terceira, was one of the winners. The hotel unit has 130 rooms and is an urban holiday resort located next to the sea and the Angra do Heroísmo marina.

Proptech

Late last week, Tiko announced that it is continuing its expansion in Portugal with a new branch in Porto. Tiko now has three locations in Portugal: Lisbon, Setúbal and Porto. The company is the first international iBuyer to operate in the Portuguese market and is looking to expand further after beginning its expansion in November 2021. At that point it chose Lisbon as its first overseas location and is now expanding to Porto.

#BrainsFlash

April 4, 2022

Mercadona plans to open ten new shops and invest 150 million euros by 2022.

After a quieter week, this last week arrived in a big way as the first quarter, and the financial year both came to a close. With a series of transactions and investments, the last week of March demonstrated, once again, the strength of some sectors of Portugal’s real estate market. After two years of the pandemic, the hotel sector is now showing more and more dynamism and is taking off strongly at the beginning of the year.

Also of note was the residential sector, which also saw some major announcements regarding investments aimed at mitigating the lack of supply in the country’s housing stock.

At the beginning of the week, the Empril Group announced the acquisition of a 60,910-m2 plot of land in Vila Nova de Gaia. The project planned for the land is for residential construction. It will involve an investment of over 30 million euros, solidifying the Empril Group’s leading position in the Vila Nova de Gaia market. The project will have an unobstructed view over the Douro River and is very close to the sea line.

Meanwhile, in the hotel sector, the Four Points by Sheraton Matosinhos opened its doors after an investment of 19.1 million euros. Located in the city centre and just five minutes from the beach, the new hotel unit has 108 rooms and results from an urban rehabilitation project by Mercan Properties. The hotel caters to business travellers, and all rooms are equipped with a compact kitchen and other amenities such as Wi-Fi to make guests feel at home.

Also in Portugal’s north, Hoti Hoteis is betting on a new hotel in Braga. Hotel Plaza Central is scheduled to open in Easter 2024, resulting from a 16-million-euro investment. The Hoti Hoteis Group will have 108 rooms, with a Portuguese inspiration in the design, decoration and materials. The new unit will also have a spa, outdoor and indoor pool, restaurant, bar, cloister and meeting rooms.

In retail, the supermarket chain Mercadona announced that it would open a supermarket in Guimarães, with a forecast investment of €150 million by 2022. The supermarket chain will reach five new districts, Viseu, Leiria, Santarém, Setúbal and Lisbon. The first of the ten new shops planned for 2022 in Portugal will open in Guimarães on April 5th. The new stores underscore Mercadona’s continuing interest and confidence in Portugal.

At the end of the week, it was made public that the site of the former Favorita chocolate factory will be converted into a residential project. The plot has an area of around 7,000 m2 and more than 9,000 m2 of potential gross construction area. Still under analysis by the Lisbon City Council, the project foresees the development of 90 flats with an investment of around 40 million euros. It also includes an area dedicated to retail and large areas of green spaces, both for private use by residents and for collective use. The asset’s sales price, which Gavepart – Imobiliário e Turismo S.A. sold, was not disclosed.

Finally, the company Emanuelle Investments acquired a plot for residential development in Leça da Palmeira, the municipality of Matosinhos. The asset will be the focus of a 15-million-euro investment and will have the capacity to host a residential project with around 5,000 m2 and 50 flats on 11 floors.

#BrainsFlash

March 28, 2022

Last week’s highlight was Solyd’s €260-million investment in a new project in Miraflores.

After a relatively serene period week before last, the real estate market gained a new lease of life. With the end of the month approaching, the real estate market has picked up speed again. The most important news came from investments in the hotel sector, where new units in the north of Portugal were inaugurated.

Right at the beginning of the week, the inauguration of the Sé Catedral Hotel Porto was announced, in an investment of 23.8 million euros. Sé Catedral Hotel Porto, part of the Tapestry Collection by Hilton, results from an urban rehabilitation project. The new 4-star hotel unit is Mercan Properties’ new investment in the centre of Porto. This is the first project under the Tapestry Collection brand, which belongs to the international Hilton group in Portugal. The result of another Mercan Properties’ urban rehabilitation project, it will be managed by Ace Hospitality Management (AHM). Sé Catedral Hotel Porto has 77 rooms, a restaurant, a bar and a café on the terrace overlooking Porto’s Sé Cathedral.

Meanwhile, the sale of three logistics warehouses in Porto Alto to Bedrock Capital and Europi Property was announced in the logistics sector. The warehouses are located in the Porto Alto Industrial Park and total around 40,000 m2 of gross construction area. The assets were owned by a real estate investment firm and have now been acquired by a joint venture between Bedrock Capital Partners and Europi Property Group. The value of the transaction was not disclosed.

Meanwhile, another hotel unit was inaugurated in Aveiro after an undisclosed investment. The 1877 Estrela Palace, a new luxury hotel unit, is in the city’s historic centre, under the management of Unlock Boutique Hotels, responsible for managing various units throughout the country. The new hotel has nine luxurious rooms and suites. The building is an old 17th-century manor, considered an ode to luxury in the heart of Aveiro. It is in the historical centre and has stunning views of the main channel of the great Ria de Aveiro.

At the end of the week, the most significant investment of the week was revealed, as Solyd invested 260 million euros in a new project in Miraflores. The real estate developer, SOLYD Property Developers, has launched its latest urban project in Miraflores, called MIREAR. The project has 426 residential units, 25,000 m2 of above-ground gross construction area for the development of workspaces, and 23 commercial spaces. MIREAR is the new multi-purpose project that includes 5 residential buildings, 1 office block and shops, located in a premium area in the heart of Miraflores.