The pan-Mediterranean real estate development and investment management company OptylonKrea has joined with the venture capital firm Stag Fund Management to launch a new €150 million fund. The Prima Europe Fund is aimed at investors seeking to benefit from the Residence Permit for Investment Activity (ARI) regime, also known as the Golden Visas, by investing in Prima Collection branded residences.
Present in Portugal since 2015, OptylonKrea, fund advisor for three golden visa access investment funds, seeks opportunities in the ost-Covid economic recovery and points to Portugal as one of the countries that will benefit most from changes driven by the pandemic, both in the way of working and travelling.
According to the company, studies show that the market for branded residences, residential units belonging to a renowned accommodation brand, has grown 236% worldwide in the last ten years and is expected to continue expanding over the next decade. This property sector, which can achieve a premium of up to 31% compared to non-branded residences, is expected to see an increase in market shares in the main Mediterranean countries over the next few years. Forecasts are that they will reach 50% of the European market and around 10% of the global market, supported mainly by large projects in Portugal, Turkey and Spain. Proof of this is the Prima Collection residences’ occupancy rates in Lisbon, which reached 78.56% in 2020, compared with around 21% in hotels.
Pandemic and telecommuting will have long-term impacts on consumers’ travel habits. In this context, OptylonKrea has opted to redefine its Prima Collection brand, born in Lisbon, and adapt it to the new market needs. At the same time. It is preparing to expand to other Mediterranean spots, with the goal of reaching up to 25 new locations in the next five years. The Prima Collection residences are defined as “a new genre in coliving” that combines the characteristic lifestyle of branded residences with local and cultural contact.