The first phase of the new residential project Lumino is on the market, a joint investment of around 150 million euros from Round Hill Capital, specializing in real estate investment, development and asset management, and TPG Real Estate Partners, a real estate investment platform.
Next to Campo Pequeno, Lumino stands on a 20,000 sqm plot of land, where the former Estrela brewery was located. It foresees the construction of a total of 40,000 sqm, 27,000 sqm of which housing, 10,000 sqm of student residences and 1,300 sqm of retail spaces, which will translate into 300 new apartments of various types and 380 rooms for students.
«This will be the largest private real estate investment under construction in the center of Lisbon», believes João Pita, Development Director of Round Hill Capital Portugal. In presenting the project to the press, he said that this first investment by Round Hill Capital in Lisbon has "a unique location". The land was acquired in 2018, and "we immediately saw its potential", with emphasis on the location in the city center, next to transport, universities and several main roads. «Despite the current pandemic context, we believe in the added importance of bringing quality housing solutions to the city. We decided to proceed with the construction of the enterprise in the middle of a State of Emergency and also with the commercialization», he says.
Signed by Saraiva + Associados, «Lumino wants to symbolize a new lifestyle in the city. It is aimed at young professionals, families or students», and intends to «celebrate the light of Lisbon», explains João Pita, who highlights, among the project's valences, 5,000 sqm of outdoor spaces, rooftop pool, garage or charging stations electric and bicycle parking. «These are new infrastructures that will increase the quality of life in this part of the city», he believes.
«Lisbon has seen a big imbalance between the supply and demand for high quality accommodation solutions in the residential and student sectors, forcing people to leave the city. This project is a sign of our commitment to long-term investment in Portugal, which aims to bridge this imbalance and help support the growth of national real estate. We are eager to contribute to the success of this project and thus further expand our portfolio in Portugal, as well as throughout the European market», comments Michael Bickford, Founder and CEO of Round Hill Capital.
For his part, Michael Abel, Partner at TREP, stresses «a very important milestone for this project in Campo Pequeno and we are looking forward to seeing the beginning of the first sales phase of LUMINO. This joint venture was launched based on our belief in the urban residential market in Portugal and will provide high quality, convenient and centralized housing spaces in Lisbon».
First phase has 97 apartments
Now begins the commercialization of the first phase of the project, comprising 97 apartments.
Typologies vary between T1 and T4, and prices start at 315,000 euros. All have energy rating A, floor to ceiling windows or balconies with views over Campo Pequeno.
João Pita points out that «this project is an example of the attractiveness and resilience that the Portuguese market has shown. It makes us proud that, in a week of pre-launch, we registered high levels of demand, with about 50% of these 97 apartments reserved, practically all of these Portuguese buyers».
The project is being marketed by JLL and Castelhana.
The construction of the student residence is already underway. The work on this first housing component will start soon. Construction of the project is expected to be completed in the second half of 2022.