Acciona buys Cercadillo's stake in Portugal, a €400M deal

Acciona buys Cercadillo's stake in Portugal, a €400M deal

Acciona has reached an agreement with businessman Carlos Cercadillo, who heads Clever Red, to buy his share of all the residential projects they have together in Portugal, worth around 400 million euros. The news is reported in the Spanish newspaper El Confidencial.

A partner of Acciona in Portugal, Clever Red launched its first project in Lisbon around five years ago, in the Graça area, with an investment of 50 million euros, which kicked off Acciona's presence in our country.

Acciona now owns not only this project, but also another 74-unit residential development in Alcântara, and a 500-apartment complex being developed on Avenida Alfredo Bensaúde in Moscavide. All of them will be operated exclusively by Acciona.

According to EjePrime, Carlos Cercadillo will remain at the head of Clever Red and active in the management of funds and investments in the hotel sector, through the company he launched around four years ago, Xpandia Projects.

It should be noted that Acciona is also very active in Spain. Its most recent major operation was the purchase of four buildings from Mapfre and Iberdrola on Lezama, Llodio, Xauradó and Orduña streets in Fuerncarral-El Pardo, a deal that closed in September for around 60 to 70 million euros.

In June, it acquired a plot of land in Malmea-San Roque-Tres Olivos, where other property companies such as Aedas Homes and Pryconsa are already present.

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