The fund is the result of a partnership between Quantico, an investment company founded and headed by Carlos Vasconcellos Cruz, UBEDA, from Carlos Mallo, and Bank of Andorra specialized in private banking Andbank, and will focus on opportunities in Lisbon, Estoril, Cascais and potentially in Oporto.
With a lifespan of 6 years, this vehicle adopts the form of a SICAV-RAIF, supervised by the Luxembourg monetary authorities, and each property to renew will be acquired by a company, vehicle under Portuguese law. The clients of Andbank, Quantico and Ubeda are the main participants of this fund, which has €100 million to apply in the next 12 to 18 months, according to a Quantico press release.
Carlos Vasconcellos and Carlos Mallo, advisers of the fund, explain that «despite the increase in prices in the acquisition of real estate to renew in premium areas, there is still much work to be done and good investment opportunities in buildings well located in prime areas of the city and Cascais Line, and which require deep renewal and high technical complexity».
The managers explain that «we do not buy at speculative prices, and we believe that in Lisbon, Cascais and Oporto there is room for selling prices to maintain or even rise, as there is a significant gap with prices in other comparable European cities. Portugal, and particularly Lisbon / Cascais, present unbeatable levels of attractiveness and quality of life».
Blackstone will transfer 21,000 homes to several Socimis, to rent.
Up to October 2017, have been invested €1,500 million in commercial real estate in Portugal, surpassing by 15% the €1,300 million transacted throughout the year 2016.
RICS (Royal Institution of Chartered Surveyors) in partnership with Iberian Property have just launched the first edition of the new Iberian Commercial Property Monitor, an unprecedented initiat...