The Iberian Property Investment Awards, organised by Iberian Property, are gearing up for the awards ceremony of the second edition of these awards, which will take place on the 6th of May in Madrid. These awards recognise and reward the most outstanding players and projects in the real estate investment sector in Spain and Portugal throughout 2024. One of the awaited categories is "Deal of the Year in Portugal", which recognises exceptional Real Estate investment operations carried out in Portugal.
The Finalist projects and players competing in this category are:
AZORA – MARRIOT PRAIA D’EL REY
LOCATION: Óbidos
SECTOR: Hotel (5-star)
DATE: Q2 2024
BUYER: Azora
SELLER: Oxy Capital + Aquarius Fund
INVESTMENT: +€50M*
(estimated by Iberian Property)
In May 2024, Azora, on behalf of its Azora European Hotel and Lodging Fund, completed the acquisition of Praia d’El Rey Resort in Óbidos, Portugal. The resort includes the 177-room 5-star Marriott Praia d’El Rey hotel, two of Portugal’s top-10 golf courses—Praia d’El Rey and West Cliffs—along with their clubhouses and F&B outlets, and the operation of approximately 90 apartments. Located on the Atlantic coast, the resort spans several hectares with direct beach access and a setting surrounded by golf courses. A capex plan will enhance F&B and overall offerings.
The resort will continue under the Marriott brand via a franchise agreement and offers premium facilities, including four F&B outlets, a renovated SPA and wellness center, indoor and outdoor pools, a kids club, and ample meetings and events spaces. Both golf courses are highly acclaimed, receiving the Golfer’s Choice Award in 2023 from Leading Courses, Europe’s top golf course platform. With its amenities, beachfront location, and award-winning golf design, Praia d’El Rey stands out as a year-round golf and leisure destination in Europe.
This acquisition marks a strategic addition to Azora’s growing European portfolio, reinforcing its commitment to Southern European coastal destinations. Azora now holds eight hotels in Portugal, representing 30% of its total hospitality assets, with properties located in the Algarve, Lisbon, and Porto. Existing holdings include Vilalara, Tivoli Vilamoura, Tivoli Carvoeiro, Tivoli Alvor, The Lodge Hotel, and the upcoming Hotel das Luzes. The acquisition also adds two premier golf courses, totaling 36 holes under management in Portugal.
Azora’s broader hospitality strategy focuses on acquiring and repositioning high-value hotels and resorts. With 46 assets and over 12,000 keys across Europe, Azora has invested over €3 billion in the sector since 2011. The firm targets value-add opportunities that improve asset quality and guest experience while also pursuing alternative urban tourism strategies across key European cities.
M&G RE – THE YARD
LOCATION: Lisbon
SECTOR: Flex Living (+250 beds)
DATE: Q4 2024
BUYER: M&G RE
SELLER: Value One
INVESTMENT: €46M
Lisbon faces a significant shortage of quality housing, with limited supply compared to other major European cities. The Yard seeks to address this gap by delivering nearly 600 alternative living units in a €81 million investment alongside The Mile, a PBSA on the adjacent plot. The project targets the growing demand for high-quality, flexible accommodation for young professionals, digital nomads, and students. Developed by Value One and operated by Milestone, The Yard prioritizes environmental responsibility and sustainability while offering a premium living experience that enhances Lisbon’s appeal as a global destination.
The Yard is the first purpose-built flex living project in Portugal developed by M&G European Living Fund, and M&G’s second residential investment in the country. Located in the Olaias area, a well-established urban neighborhood, it benefits from excellent connectivity—just five minutes from a metro station with direct access to the city center, Parque das Nações, Saldanha, and the airport. Nearby green spaces include Jardim do Arco do Cego and Alameda Garden, as well as public sports facilities, further enhancing resident lifestyle. The project is scheduled to be operational by H1 2027.
It will feature 259 units—203 studio units (17 sqm) and 56 premium units (34 sqm)—with a total GCA of 13,588 sqm. The development includes 58 parking spaces and an extensive range of amenities such as a café/restaurant, coworking space, communal kitchens, gym, rooftop pool, cinema/game room, laundry, and lounge area. These offerings are designed to meet modern resident expectations for flexible, service-oriented living. The Yard also benefits from synergies with The Mile, M&G’s adjacent student housing project.
The Yard is designed to achieve LEED Gold certification and holds an “A” EPC rating, highlighting its commitment to sustainability. M&G Real Estate is actively expanding its residential portfolio across Europe, focusing on regions with housing shortages and rising demand, including nearly €1bn invested in Iberia.
TIKEHAU CAPITAL – ANTAS ATRIUM
LOCATION: Porto
SECTOR: BTS and BTR (~1,000 units)
DATE: Q2 2024
BUYER: Tikehau Capital
SELLER: US investment firm
INVESTMENT: €180M*
(land acquisition + CAPEX)
Project Fado, led by Tikehau and Quest Capital, was one of Portugal’s most relevant transactions in 2024. It involves the acquisition of five plots in Alameda das Antas, Porto, a prime location just 10 minutes from the city centre and 15 minutes from the airport. With over 100k sqm of Gross Construction Area and up to 1,150 residential units, it is one of the largest residential projects currently under development in the country. The strategy blends Build-to-Sell (BTS) and Build-to-Rent (BTR), aiming to complete the full allotment in 3.5 years while addressing both the rental and ownership markets.
Located in one of Porto’s most emblematic areas, Alameda das Antas offers excellent public transport access, including an adjacent metro station. Each of the five plots is designed to become part of a connected private community, with amenities such as pools, gyms, and green spaces. Construction for the first BTS phase began in March 2024 and has already surpassed 100 units sold, exceeding expectations. This confirms strong demand in the area and supports the investment thesis, especially given the lack of new residential supply after a decade-long decline from 2012 to 2022.
The initial BTS development includes 168 units, ranging from studios to four-bedrooms and priced from €194,000 to €916,000. Targeting over 20% of Portuguese households by income, the strategy favours compact units with a weighted average size of 87.2 sqm. With 77% of Portuguese preferring to buy homes (Eurostat), the project responds directly to the country’s supply gap.
The BTR scheme, designed by OODA and advised by Global Apartment Advisors, will be Portugal’s first large-scale rental community with around 500 units. Prioritising smaller layouts and premium amenities, Antas Atrium BTR offers competitively priced rentals and income growth potential, benefiting from its central location and rising rental demand.
More categories in the Iberian Property Investment Awards:
Full details of the other finalists will be announced in the coming days for the other categories that mark the premiere of these awards, which are:
- Deal of the Year in Spain
- Deal of the Year in Portugal
- Green Asset Initiative of the Year
- Social Impact Initiative of the Year
- Research Report of the Year
- Commercial Leasing of the Year
- Marketing Initiative of the Year
- Financial Innovation of the Year