The Polish company ReTrend has acquired a set of buildings at Rua das Janelas Verdes 108, in Lapa, Lisbon. With approximately 3,000 sqm of gross above ground construction area, the buildings have an approved project for the construction of 13 residential units including flats and villas, all with private parking. They also include over 500 sqm of private gardens.
Cushman & Wakefield acted on behalf of the seller. ReTrend, the Polish developer that acquired the property, started its activity in Portugal with a strong will to develop a platform of luxury residential developments for rental, especially in the most attractive and noble neighbourhoods of the Portuguese capital, thus taking advantage of the enormous demand and shortage of products of this nature.
It should be noted that the buildings as a whole will be subject to major rehabilitation works. The location of the buildings benefits from excellent proximity to a diversified offer of commerce, services and spaces for culture and leisure.
In order to support the transaction and ensure the success of the project, ReTrend resorted to the support of companies in the real estate sector: VCA - Valadas Coriel & Associados is providing legal assistance, while Andersen is providing tax consulting services and legal support to the structuring of the investment.
Ana Gomes, Partner and Director of Development & Living at Cushman & Wakefield, points out that "we are very proud to have proactively contributed to another deal in Lisbon and to the continuous improvement of one of the most emblematic neighborhoods of the city, this time with a deal that will allow the introduction of a new residential concept in Portugal - a residential product designed and built from scratch for the rental market offering luxury and a set of services and amenities such as the presence of a concierge, with a permanent professional management. Besides being able to satisfy a growing demand from new residents, especially foreigners, it will fill a gap in the city, allowing an offer that already exists in the great capitals of the world".
"We believe in the continued growth of the high-end residential market, specifically in the build-to-rent segment"
"We firmly believe in the continued growth of the high-end residential market, specifically in the build-to-rent segment, which is poised for significant expansion in the coming years," says Eyal Litwin, head of ReTrend.
She adds, "At ReTrend, we have assembled a talented project team that includes an interior designer, Project and Construction Management and Financial Support. We are proud to continue the excellent collaboration with Saraiva+Associados, as we firmly believe that to create a top luxury product, we need to work with the best in Portugal. This is just the beginning for ReTrend, and we are already looking at other luxury projects.
Eyal Litwin closes defending that "we are confident that ReTrend will become one of the leading developers of luxury rental properties in Lisbon, and we are excited about the future opportunities that lie ahead".