Luzzo Pizzaria shop in Porto sold for €1M

Luzzo Pizzaria shop in Porto sold for €1M

A Brazilian private investor has bought the shop currently occupied by Luzzo Pizzaria, on Rua Mouzinho da Silveira, in Porto, for €1 million. The deal was accompanied by Athena Advisers and JLL.

The pizzeria currently occupies two floors of this rehabilitated building, which is located in one of the main commercial axes of downtown Porto. It has an area of 171 square metres, and has been leased since 2018 on a long-term contract.

This transaction was completed by Athena Advisers, which accompanied the buyer in its first deal in the retail sector in Portugal, and JLL represented the seller, another private investor, not identified.

David Moura-George, Managing Director of Athena Advisers in Portugal, recalls that "this acquisition was made by a client that we had already accompanied in the purchase of a house in Lisbon and that now has invested with us in a commercial asset". He considers that "it is another example that gives strength to a trend that we have denoted for some time and that has to do with the fact that foreigners who buy houses in our country end up diversifying their portfolio, investing in products of the commercial sector. This will be increasingly recurrent".

According to him, in the near future "Brazilian investors will stand out in this type of investment due to insecurity in their country and the instability that the current government's political decisions may generate in businesspeople, which is why they are withdrawing their capital from Brazil and applying it in other markets, including Portugal. Besides this, each time these buyers diversify their business, they do so with increasingly higher tickets, which in some cases can reach 30 million euros," he added.

Salvador Leite Castro, Head of Private Wealth Investment, Capital Markets JLL, highlights that "this transaction is a clear sign that Porto is on investors' radar and that commercial real estate continues to be sought after as part of a capital diversification strategy".

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