Of note last week, was the announcement of an investment of 70 million euros by Avenue in the new “Sandwoods” residential project

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

The last days of November revealed a week with little news and investments in the real estate market. However, it was still possible to report some high value investments, from the residential to the commercial market, as well as in the emerging office market.

At the beginning of the week, real estate developer Avenue announced the launch of the residential project “Sandwoods”, located near the capital city of Lisbon and close to the Sintra-Cascais Natural Park and to Quinta da Marinha, in an investment of 70 million euros. The development includes 39 houses (Pool Villas) of typologies T3 and T4, and 6 dwellings (Main House) comprising typologies T1 to T4.

Meanwhile, the Socicorreia Group announced its new project for services, the “Socicorreia Project”, a new company of the group that will provide “TailorMade” solutions. The new project will make it possible to create personalized and tailored solutions for each client, in the areas of architecture, interior decoration and equipment. This project aims to provide a complete service based on the “turnkey” concept.

In the middle of the week, the first Sociedade de Investimento e Gestão Imobiliária (SIGI) to be created in the country, Olimpo Real Estate Portugal (ORES), acquired a set of three real estate assets, for a total value of 26.2 million euros. The portfolio includes three hypermarkets, located in Guarda, Cantanhede and Ponte de Lima, with a total gross area of 13,563m2.  These assets are subject to long-term lease contracts with Continente.

With the week coming to an end, the National Institute of Statistics – INE, released data on tourism activity. In October, the tourist accommodation sector registered 2.6 million guests and 6.8 million overnight stays, equivalent to increases of 23.4% and 23.5%, respectively. In the period under analysis, the internal market contributed with 1.8 million overnight stays (-2.7%) and the external markets predominated, totalling 4.9 million (+37.3%).

As far as offices are concerned, Oriflame moved into the Adamastor building, in Parque das Nações. This change was the responsibility of real estate consultants Worx and CBRE. Oriflame will occupy a space of 360m2, on the 13th floor, benefiting from a central location, road and public transport access, as well as leisure, commercial and service areas.

Finally, Lidl inaugurated its first store, at an international level, on a University Campus, located on the University Campus of the Faculty of Science and Technology of the Universidade Nova de Lisboa. The new commercial space has an area of 1400m2, benefiting from a dining area, innovative screens that eliminate polluting elements from the atmosphere, LED lighting and charging stations for electric vehicles.