The Almada Carvalhais Palace, located in Largo Conde Barão in Lisbon, was recently bought by Prowinko and SHG. In this deal, CBRE acted on behalf of the buyers and JLL on behalf of the seller, Lace Investment Partners.
Situated in a privileged location on the city's riverside, this 16th century palace has undergone several interventions over the years but retains its organisation and some Renaissance and Baroque elements.
Gonçalo Ponces, Head of Development & Natural Capital at JLL, said in a statement: "we are delighted to see this historic palace being restored and transformed into a landmark project, allowing the original history and architecture to be preserved in one of Lisbon's most touristic areas". He believes that "the approval of this project reinforces the importance of continuing to energise the country, merging tradition with the modern world and keeping up with the interest of tourists in Portugal, a sector that contributes greatly to the development of our economy".
For his part, Miguel Alvim, Head of Development Properties at CBRE, emphasises that "it was very important and a source of pride for CBRE to be an active part of this transaction, advising Prowinko and SHG on what we consider to be one of the landmark acquisitions of the year in Lisbon". He adds that CBRE seeks to "support our clients by presenting them with the best opportunities and advising them in a transversal and integrated manner. In addition, we also feel a responsibility to promote the rehabilitation of the urban centres of our cities, giving them back to the people, seeking a balance between the modernity that we want to achieve in order to meet the demands of current uses, but also respecting the pre-existence and historical value of the properties," can be read in the press release about the operation.
