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The Portuguese Real Estate Market in January

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The start of 2023 has been robust in terms of news in the real estate sector, with numerous transactions and investments being announced. The past month of January witnessed major highlights in the housing and hotel segments, as well as in the retail segment with 3 shopping centres in the north and centre of the country changing ownership.

Housing

In the middle of the month an announcement came out in the residential segment, with the “Green Valley” Project being born in the north of the country. The development comprises 54 flats, spread over the three storeys of two buildings, is located in Maia and has an estimated completion date of June 2025.

Meanwhile, Civilria invested 10 million euros in the acquisition of two buildings in the centre of Lisbon. The buildings, , numbers 10 and 12 of Rua Engenheiro Vieira da Silva, , will be converted into housing. The asset will have a total of 4,300 square meters spread over eight storeys above ground. The project foresees the development of 50 flats, a ground floor intended for retail, with 247 square meters, and two storeys of garages.

With the month coming to an end, Mota-Engil advances with an investment of 70 million in a residential project in Porto. AURIOS, the new luxury development, consists of 26 villas, 22 flats and is located on the banks of the Douro River, in Quinta da China. With an area of 15,583 m2, the construction of AURIOS will be completed in the first quarter of 2025.

Meanwhile, Belgian promoters announced an investment of 70 million euros in the Arcoverde – new urban living project. Krest Real Estate investments and Revive, announced their first partnership in Portugal. The enterprise is located in an area undergoing rehabilitation in the municipality of Oeiras.

Finally, the promoting company Carvoeiro Branco is investing 132 million euros in seven new projects in the Algarve. Carvoeiro Branco, led by businessman Erik de Vlieger, will launch the projects in the municipality of Lagoa, in the Algarve, with an investment estimated at 131.9 million euros. Most of the projects are for housing, but a set of tourist apartments and a hotel are also contemplated.

Offices

In the middle of the month, the Lisboa building, in Parque das Nações, has been sold by one of the MCAP Global Finance funds and acquired by the Banco Comercial Português pension fund. The value of the transaction has not been disclosed.

Industrial and Logistics

Also in mid-January, it became public that Olicargo will proceed with the construction of a new logistics centre in the Lisbon region. The company has invested around 18 million euros in the construction of the new logistics centre in Azambuja, with the works expected to be completed in the first quarter of 2024. The logistics platform will be the fourth in the Lisbon area and has an area of 25,000 m2.

Retail

In early January, Freixial Shopping, in Cantanhede, was sold to a Portuguese real estate investment fund. The asset has a strategic and privileged location, with a total area of 11,400 m2, comprising 29 stores, which are spread over 2 storeys. The value of the operation has not been disclosed.

Then, the real estate investment company Finangeste has acquired from BCP, in partnership with national investors, the company that owns Forum Barreiro. Finangeste intends to invest 4 million euros in remodelling the asset, which has around 22,500 m2, encompassing 90 stores. It also has 700 parking spaces, and is presented as one of the main shopping centres on the South Bank.

Shopping Cidade do Porto has also been transacted. The Domingos Névoa Group purchased the company that owns and manages the asset from the Teixeira Duarte Group, in an operation worth 28 million euros.

Halfway through the month, the opening of the first Dior store in Portugal was made public. Alegria One, a rehabilitation project by the promoter and real estate manager EastBanc, was the space chosen by the legendary Parisian fashion brand for its first store in the country. The store located on Avenida da Liberdade, in Lisbon, will open its doors this year and will occupy three storeys of the building, in a total of 1,050 m2.

Meanwhile, Loja da Zara on Rua Augusta in Lisbon, has been sold in the biggest transaction of a single high street retail space in Portugal. Deka Immobilien sold the asset in which the new owner is a subsidiary of NEXT FCR, a Venture Capital fund managed by STAG and advised by Optylon Krea. The value of the transaction was around 20 million euros.

Finally, there was the announcement that the largest portfolio of supermarkets in Portugal will be acquired for 150 million euros. The US private equity fund LCN Capital Partners is acquiring the so-called “Project Amália”. The transaction which will be closed with the German Trei of the Tengelman Group, encompasses 50 assets, in a total area of 68,196 m2.

Health units

In the middle of the month, the C2 MedCapital Fund, in partnership with FPT Biomass and AFFIS, announced the deployment of what will be the first private hospital in Covilhã, in an investment of 30 million euros. The hospital unit occupies an area of 8,000 mitself.

Meanwhile, CUF also announced the opening of a clinic in Leiria as a result of an investment of eight million euros. The most recent unit in the CUF network is located in an area of over 1,300 square metres, in the Urbanização da Quinta da Malta. The construction of a hospital is also planned, presenting an investment of 50 million euros.

Hotels

In early January, the PG Hotels & Resorts group announced an investment of 24 million euros in the acquisition and rehabilitation of a hotel in Alvor, in the district of Faro. This is one of the towers of the building that was once known as Luna Alvor Bay, and the hotel unit is expected to start operating in July 2024.

Memmo Hotels also acquired the Hotel Paul of Mar Sea View Hotel, located in the municipality of Calheta, on the island of Madeira. The hotel unit, which is closed, will be subject to extensive refurbishment works. It is a building where the Paul do Mar Sea View Hotel operated, with 60 rooms and a 4-star rating. The investment value has not been disclosed.

The former headquarters of Futebol Clube do Porto has also been replaced by a new hotel. AXIS Hotéis & Golfe opened a new hotel unit, the Axis Porto Club, which is located in a centenary building in the centre of Porto. The hotel has 53 rooms, of which 14 are suites and represents an investment of 5 million euros.

NPL’s

In the middle of the month it became public that a portfolio of properties valued at more than 400 million euros entered the market. The property portfolio, which will be placed on the market by Novobanco, includes the Cabanas Golf development, a building in Olivais Sul, land in Portimão and a tourist project in Benagil, in the municipality of Lagoa. The portfolio also includes around 94% of the investment units in the fund that owns the land in Amoreiras, in Lisbon, with an area of 130,000 m2, which the institution inherited from Banco Espírito Santo.

Alternative Assets

In the middle of the month, there was an announcement that Gondomar will receive a luxury real estate and tourist project in an investment of 85 million euros. The Porto Douro Marina Hotels & Villas, is located on the banks of the Douro River and includes the construction of a five-star hotel, 90 villas, a marina and even a heliport. The works should be completed in the first half of 2023, and the construction of the hotel and villas will be carried out over the course of 36 months.

Meanwhile, a foreign investor acquired land at Herdade da Aroeira for a residential and tourism project. The project foresees the construction of around 29,000 m2 above ground: 247 units – 210 for tourist use and 37 for residential use, including an aparthotel with around 150 units. The investment amount has not been revealed, nor the identity of the buyer.

Then, Vanguard Properties acquired 50% of ECOSTEEL in an investment of 30 million. The investment will enable the creation of a new industrial unit for the production of cross-laminated wood for the construction of tall buildings.

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