The week started with a quiet Valentine’s Day regarding transactions in the real estate market’s various sectors. However, things picked up after that, making news daily.
On Tuesday, reports came out regarding the development of a state-of-the-art office complex in Porto by Sonae Sierra and the Ferreira Group. Through an equal partnership, the project benefits from an excellent location, good highway access, an excellent public transportation network, private parking, and outdoor green spaces. The office complex will have a contemporary architecture designed by Broadway Malyan, emphasising flexibility, innovation and sustainability, prioritising quality, comfort and people’s well-being.
Meanwhile, the Vila Galé Group announced an investment of 12 million euros to convert a former hospital into a hotel. Construction is expected to begin in March, with completion in the summer of 2023. The hotel chain is arriving in the Azores by way of a partnership with Santa Casa da Misericórdia de Ponta Delgada. In what will be the second-largest Portuguese hotel group’s debut in the Azores, Vila Galé will have in a little over a year a hotel in S. Miguel, which will have 93 rooms, a restaurant and four stars.
In the logistics sector, the German supermarket chain Aldi Aldi announced an investment of 50 million euros in a logistics platform in Santo Tirso. Construction is expected to start in March, and the facility should be operational by mid-2024. The project will be built in Área Empresarial da Ermida, which corresponds to the Quinta da Chinesa. The logistics platform will occupy an area of 160,000 square metres, with 40,000 square metres of constructed surface area.
Last but not least, given that the residential still leads when it comes to the generation of new projects, a new condominium to be built in the Old Prado Factory in Matosinhos. Closed down twenty years ago, he old sardine cannery will be completely refurbished and converted into 30 1-5 bedroom flats, just 200 metres from the beach. The development is located on one of the city’s main avenues and marketing is the responsibility of JLL and Predibisa. The value of the investment was not disclosed.