Acciona buys €38M land for its largest project in Portugal

Acciona buys €38M land for its largest project in Portugal

Real estate company Estamo, the former owner, sold the terrain for 38 million euro, 9% more than what was initially stipulated, advanced Spanish newspaper El Confidencial.

Acciona will develop a real estate megaproject which will bring a new dynamic to the city in different segments, on this location within the Lisbon civil parish of Olivais. Part of the buildable area – around 50.000 sqm – will be used to construct new dwellings. The remaining 21.000 sqm should host new commercial spaces and also a hotel.

This project should generate a 200 million euro turnover, the highest turnover generated by the Spanish company in Portugal so far. In this project, Acciona had, once again, the support of its partner Clever Red, according to the same newspaper.

About a year ago, the Spanish company started its activity in Portugal with a housing project in the Graça area, in Lisbon, estimated at 40 million euro. Another project was the urban renewal of the Estrela building, also located in the Portuguese capital. 

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