Civilria buys 2 residential building for €10M in Lisbon city centre

Civilria buys 2 residential building for €10M in Lisbon city centre

Portuguese real estate developer Civilria has bought the buildings at numbers 10 and 12 of Rua Engenheiro Vieira da Silva, in the centre of Lisbon, which it will refurbish and reconvert into housing. The deal was closed for around 10 million euros, and the seller has not been identified.

This transaction follows Civilria's aim "to continue developing high quality developments in the centre of Lisbon, aimed at a sophisticated and demanding client", the statement said. The rehabilitation of the properties "aims at connecting and reconverting them into a single asset for residential use", which will have a total of 4,300 square metres distributed over 8 floors above ground, creating 50 flats and a ground floor for retail, as well as two garage floors.

This deal was accompanied by Colliers, who represented Civilria. Pedro Valente, Managing Director of Colliers Portugal, says that this transaction reinforces Colliers' position in the Portuguese market: "we are building a track record in the national market and working with Civilria, a reference entity in property development in Portugal, was very gratifying. As we have seen, and despite the market uncertainties arising from the external conflicts and the rise in interest rates, investors are still willing to invest in prime zones".

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