After an exceptional 2017, 2018 may finish with an investment 74% higher (record) than last year (1.900 million euro), which confirms Portugal’s positioning within world investment. This amount is practically the same as the 7 year period between 2008 and 2014 combined together.
Last year, retail represented 45% of the capital traded, and offices 24%. 94% of the investment is foreign. Pedro Lancastre, general manager for JLL in Portugal, explains that «this year we registered 15 different nationalities: France with 25% (mainly boosted by the purchase of Ceetrus shopping centres), Spain with 20% (mainly coming from REITs), United Kingdom and the US with 20% each, both countries host the headquarters of the great global investment funds».
The greater diversity of invesment products, including the alternative ones, such as student and senior residencies and mixed uses, which already represent 21% of the investment, should be highlighted.
According to JLL, the market is already characterized by larger deals, from which stand out the sale of Lagoas Park for more than 375 million euro, or the sale of Dolce Vita Tejo, for more than 230 million euro, besides Blackstone’s shopping centre portfolio, which added more than 900 million euro, or yet Fidelidade’s portfolio, which added more than 425 million euro. The sale of Imodesenvolvimento and managing society Imopolis, for more than 40 million euro, should also be remarked.
During the year that has just ended, the portfolios kept being targeted by big investors, while at the same time the Portuguese financial system put up for sale large real estate owned assets – REOs and non performing loans – NPLs portfolios. The total volume of investment concerning these portfolios surpassed 5.000 million euro, representing a yoy growth of 80%.