The project will be called Metropolis. It was acquired from Multi Corporation, and the transaction was closed in 2019, but neither the amount of the deal nor the name of its investor were disclosed.
The terrains have been vacant since the former Alvalade Stadium was demolished and Norfin will bring with this development a «new centrality to the Alvalade area, with more than 80.000 sqm of built areas», quoted Negócios.
The 200 million euro investment includes the construction of 4 new class A office buildings, for a total 37.600 sqm; 3 residential buildings with 30.250 sqm and more than 200 apartments, besides an 11.100 sqm commercial area.
The expectation is that this project will draw «a large part of the demand for class A offices, currently concentrated at Parque das Nações», stated André David Nunes, Chief Investment Officer at Arrow Portugal, in the same release.
Construction works should start this year.