All fund’s assets will be related to Hotel & Residences or simply residential operations.
Assets to be acquired will be:
Concept
The Eden Hotel is probably one the most valuable and most well located Hotels on all Estoril Coast, the most famous and expensive area of Portugal. This existing hotel with 162 rooms was built on the 80’s and the location deserve a high quality project.
With approx 12 500 sqm of GCA the Eden Hotel will be requalified to launch a luxurious Hotel Residences where a 5 star international branded Hotel will operate a 50 rooms boutique hotel as well a Residential project with some 30 apartments, all with a fantastic sea view.
The target client of this project will be international investors and international residents, which are in line with the buyers of expensive properties sold over the last years in the Lisbon and Estoril coast region.
One of the founders of the fund, Luiz Godinho Lopes, was involved on some of the most successful luxury residential developments in the region, such as the Intercontinental Hotel in Estoril, Estoril Sol Residences and Bay View (in construction).
Approvals
A close relation with the local Municipality is under way, and we believe that a reduction on the heights of the building from 13 to 9 floors), keeping the same volumetry will be realistic A 12 months length for approvals is expected, and we believe that the construction will start by the end of 2023.
Area
GCA
12 500 sqm
Financials
Total Development Cost
€110 million
Fund Stake
35%
Total Apartment Net Sales
€140 million
Fund Equity …up to
€15 million
Timings
Mar 2022
Promissory contract signed
April 2022
Final company acquisition
Dec 2022
Project concept defined & presented to the Municipality
Oct 2023
Municipality approval
Dec 2023
Construction & Pre Sales starts
Dec 2025
Construction concluded
Jun 2026
Sales concluded
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The senior vice president credit officer at Moody’s Investors Service, Benjamin Leyre, argued Wednesday that wholesale energy prices will remain lower in Portugal and Spain than in northern Europe.
The investment is just 100 million away from equaling the 2.02 billion invested in the whole year of 2021.
Since January, the Foreigners and Borders Service (SEF) indicates that it has received more than two hundred requests based on this investment alternative.
North American investments more than doubled compared to the €25.1 million (47 gold visas) recorded in the first eight months of 2021. Chinese investment, on the other hand, fell 38% (€106.1 million and 208 ARI).
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Pedro Mendes Leal (PML) is a board member of A. Silva & Silva Group since 1991, and major shareholder since 2007 (after his well succeeded MBO). A. Silva & Silva Group was founded in 1943, starting as small timber mill in Seixal and becaming one of the largest construction groups in Portugal. Over the last twenty years, the group has successfully promoted and sold 3.000 housing units, representing more than 400.000 m2. Today, real estate is its core activity and the group holds approximately 90.000m2 in its sales portfolio;
• Founder of Empark in which he was a shareholder and the executive chairman (CEO) between 1992 until 2018. Empark was sold in 2018, at that time the company was one of the largest carpark companies in Europe;
• Founder of Bairro Alto Hotel, a luxury boutique hotel in Lisbon, in which he remained a shareholder and the executive chairman between 2002 and 2009;
• Founder of Hotel Valverde, a luxury boutique hotel in Lisbon; in 2020 it was classified as the best luxury boutique hotel in Europe by the World Travel Awards; he is a shareholder and has been its executive chairman since 2013.
Luiz Godinho Lopes (LGL) is a successful entrepreneur involved, in real estate and construction for more than 30 years;
• Civil Engineer graduated in 1976 at Instituto Superior Técnico and post-graduated in macroeconomics at Católica University, worked as civil engineer at Engil from 1977 to 1983;
• Founded Soconstroi in 1983, the firm became the 4th biggest company in public and civil construction:
• 1989-1993 – Bouygues became a shareholder;
• Successful MBO in 1993;
• 1995 – Fusion with Grupo A Silva & Silva: moment when LGL and PML met;
• 1997 – company was sold to Somague;
• Important construction projects during that period: most of the underground carparks of Lisbon, 3.000 social housing units, Auto Europe factory, Lisbon subway works, the Oriente train station, the Vasco da Gama tower.
• After 1999, together with other partners, LGL developed some of the most iconic luxury hotels and residential projects on the Estoril/Cascais coast, such as the Estoril Sol Residences, Atlântico residences, and the Bay-View Cascais, currently under construction;
• LGL was one of the shareholders of the Hotel Intercontinental Palácio das Cardosas (Oporto) and several Holiday Inn Express.
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