Novo Banco puts up Land Bank portfolio for sale for €400M

Novo Banco puts up Land Bank portfolio for sale for €400M
Amorerias aerial view, by Lisbon Portugal Tourism Guide

The Land Bank portfolio, with a commercial value of approximately 400 million euros, is for sale in the market. JLL and CBRE, in co-exclusion, will lead the marketing of a portfolio with assets for real estate development in the Lisbon and Algarve regions. This portfolio aggregates a potential construction area of close to 490,000 sqm.

Novobanco, the seller, intends to conclude this commercialisation process during 2023. In the Lisbon region, more than 130.000 sqm correspond to a site located in the Amoreiras area. The development of housing, offices and retail is planned on this site.

Another 88,000 sqm of construction potential in the capital corresponds to a second asset in the Parque das Nações area, which allows the development of an office, services and retail project. The municipality of Oeiras hosts another asset, namely a plot of land inserted in the Cabanas Golf development, which has a potential gross construction area of 80,000 sqm for housing, tourism and retail.

In the Algarve, the portfolio includes a plot in Portimão with more than 110,000 sqm of potential construction area next to the marina, where housing, tourism and retail may be developed. The last of the assets is located in the village of Carvoeiro (municipality of Lagoa) and provides more than 68,000 sqm of construction for tourism and residential use in the famous Benagil area.

"They are very well located plots, for the development of reference projects on the national panorama".

Gonçalo Santos, Head of Capital Markets at JLL Portugal, considers that "at a time when we are seeing a shortage of quality development land, especially near the large residential and tourism centres, the arrival of this set of assets on the market is very relevant and timely. They are very well located plots, for the development of reference projects on the national panorama, with a significant scale, in areas where there are hardly any opportunities for the development of new and quality construction projects, as is the case of Amoreiras".

The Consultancy's Head of Capital Markets assumes that "for all these reasons, we are confident that they will attract the attention of major developers and investors, both international and national, who are looking for new opportunities to invest and for whom scale is, along with location, a critical factor".

For Nuno Nunes, Senior Director of Capital Markets at CBRE, "this is a unique investment opportunity for real estate development in Portugal. The scale of the assets, their locations and mix of uses, make this a very high quality and even rare portfolio. The uses in the different locations include several sectors, from residential, tourism and offices. We are convinced that this opportunity will arouse great interest in the community of national and international developers and investors, who see this operation as an excellent opportunity to enter or expand their real estate footprint in our country".

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