Lace Investment Partners, on behalf of fund Real Added Value PN – FIIF, sold the building located at number 53 rua do Alecrim, in Lisbon to Vivium Properties, a real estate developer operating in Portugal on the housing luxury segment since 2018.
The building’s facade faces rua do Alecrim and its side faces rua das Flores, with views over the river and the city. Pombalino’s tile pannels, stairs, laboured floors and ceilings are amongst the architectural details the new owner intends to recover, following a rehabilitation project from architect studio Fragmentos.
With this acquisition, Vivium Properties’ portfolio is now worth 30 million euro. Rami Moughabghab, Managing Director at Vivium Properties, noted that «the asset fits perfectly within Vivium’s housing luxury project, so its acquisition was expected. The fact that this transaction was carried out during the pandemic, reinforces Vivium’s belief in the resilience and ability to create value within Portuguese real estate market in the long-term».
CBRE acted in this deal on behalf of Lace Investment Partners. According to the consultant, the architecture project was initially submitted to the appreciation of the Direção-Geral do Património Cultural (Directorate General for Cultural Heritage) – GPC, on May 2018, having subsequently been submitted to the Lisbon City Hall on January 2019 and obtained full approval in December that same year. The fact that it was sold derelict and with a building license was «the key for the success of this operation, contributing for the interest of several investors».
Miguel Gonçalves Ferreira, in charge of Development Properties at CBRE, remarked that the success of this transaction was connected to the fact that the building was sold as a finalist project, meaning, not ready to start construction and marketing: «it is notorious that the licensing deadlines are increasingly longer, which assures us that the investment in licensing from sellers and buyers does not only guarantee value, but also liquidity for the urban renewal projects. The market’s value chain is fully working with all stakeholders operating, despite the setbacks we are experiencing».
