Of note is the announcement made by the Municipal Executive of Braga that it will invest a further €123m in the Local Housing Strategy (ELH)

Of note is the announcement made by the Municipal Executive of Braga that it will invest a further €123m in the Local Housing Strategy (ELH).

In the investment and transaction market, the beginning of the past week was marked by the annoucement from the Braga Chamber reporting the approval of the proposal to update the Local Housing Strategy (ELH) for the municipality. This review will bring an increase in the number of covered families (+64%) and people (+84%) in need of decent housing, as well as a significant increase in the investment, amounting to around 123 million euros, when compared to the previously approved ELH. This way, ELH will now cover a universe of 1284 households (3632 people), with the proposed global investment corresponding to an average investment, per flat, of around €96,500.

The week continued with the news that the old factory “A Napolitana”, located in Alcântara, Lisbon, will give way to an international school. According to the press release sent to brainsre.news, the works should be completed in the first half of 2024. The rehabilitation project of the old factory, designed by architect Frederico Valsassina, intends to keep the four emblematic buildings of the complex, preserving the original facades as well as the construction of a new building.

The works are being monitored by Engexpor, which provides project management and construction management services to the RFR Group, a North American investment, promotion and management company for commercial and residential real estate, based in New York. Project values have not been disclosed.

On the 12th, and according to a note published on the Cushman&Wakefield website, Atenor acquired a plot of land with an area of 8.373 m2, close to the transport interface of Campo Grande, Lisbon, for the construction of a building with about 14.000 m2 of offices, 450 m2 of retail as well as parking facilities.

In this transaction, of which the amount was not disclosed, Cushman&Wakefield acted on behalf of Atenor, a Belgian real estate developer that is already developing another landmark office project in Portugal – WellBe, in Parque das Nações.

Nearing the end of the week, Cushman also announced that Arrow Global Portugal has acquired the Hotel California. The four-star hotel, with a total area of 3.900m2 and 80 rooms, is located in the centre of Albufeira and 100 meters from Praia do Pescador. Renovated in 2019, its amenities include the roof top pool and bar overlooking the historic city centre, the spa & fitness centre and the sushi restaurant. Cushman&Wakefield represented the previous owner, DetailsHotels& Resorts, in the deal.

Another of the investments announced at the end of the week was that Room007 Pink will be born, in Cais do Sodré, in Lisbon, in the block where the Jamaica and Europa nightclubs once operated. The new hostel, which will create around 25 new jobs, is scheduled to open in 2025 and will have 80 rooms spread over the six floors of the building.

Designed to welcome a millennial and generation Z audience, this new hostel is the latest investment by the Spanish chain in Portugal, which already has two units opened in Lisbon, under the Bluesock Lisboa and Room007 Select Liberdade brands, both on Avenida da Liberdade, with four new units planned in Lisbon and Porto, still under construction.

Hawk Real EstateCollective, a real estate consultancy specializing in large assets, operating mainly in the greater Lisbon, Comporta, Melides and Alcácer do Sal regions, was the intermediary in the business.

On the last day of the week, it was announced that the Lisbon City Council wants to launch a public auction for the sale of five municipal plots of land for the construction of housing in the parish of Lumiar, with a total base bid value of 20,9 million euros.

According to the website of the newspaper Expresso, the five municipal plots of land included in the proposal, namely two in Quinta dos Alcoutins (lot 26 with an area of 1.063 square meters (m2) for the base value of 515 thousand euros and lot 27 with 1.150 m2 for 560 thousand euros), two on Rua Professor Manuel Viegas, in the urbanization of Paço do Lumiar (lot B with 1.920 m2 for 6.2 million euros and lot C with 3.906 m2 for 12.2 million euros) and one in area 6 of Alta de Lisboa with 906,37 m2 for 1,44 million, “are intended for housing”.