The Antas Atrium project is one of the largest residential developments currently underway in Portugal, combining both Build-to-Sell and Build-to-Rent components with around 1,000 planned units. What was the strategic vision behind this mixed-use approach, and how does it address the evolving housing needs in Porto?
Our strategic vision for Antas Atrium was to create a project that effectively responds to the dual challenge facing Portugal’s housing market: the acute shortage of new residential supply and the growing demand for high-quality, professionally managed rental housing in central locations.
With over 1,150 units and more than 100,000 sqm of gross construction area, Antas Atrium is set to become a key catalyst for the regeneration of the Antas district, thanks to its central location, tier-1 amenities, and excellent public transport connections.
By combining Build-to-Sell (BTS) and Build-to-Rent (BTR) approaches, we are able to serve both segments of the market in a balanced way, with two of the six development phases dedicated to BTR. This structure also reflects Tikehau Capital’s broader vision and strong conviction in the rental housing opportunity across Iberia, where Tikehau Capital already maintains a meaningful presence in both Portugal and Spain.
With an overall investment of approximately €180 million including land acquisition and CAPEX, managing such a large-scale development requires careful planning. How does Tikehau Capital plan to balance risk and execution over the project’s timeline?
A project of this scale requires disciplined execution and close collaboration with key partners to successfully deliver the full development within our targeted four-year timeline. In partnership with our long-standing local partner, Quest Capital, we are overseeing all project workstreams in coordination with tier-one providers such as OODA, GAA, Ferreira Build Power, Novo Banco, and others.
In addition to the internal teams from Tikehau Capital and Quest assigned to the project, we have also established a dedicated on-site team of five experienced professionals, based at the sales stand. This team serves as our eyes on the ground, playing a critical role in monitoring day-to-day execution and ensuring alignment with our strategic goals.
We strongly believe that the most effective way to de-risk a development of this scale is through full alignment and collaboration among all stakeholders—ensuring shared interests and accountability remain central at every stage of the project.
The Build-to-Rent segment of Antas Atrium is a pioneering initiative for Portugal, targeting middle to upper-middle class tenants with high-quality amenities. How do you see this Build-to-Rent model evolving in the Portuguese market, and what key insights from other European markets have influenced your approach?
Portugal’s Build-to-Rent (BTR) market is still in its early stages, but we see strong potential for growth, driven by the structural supply-demand imbalance and the successful expansion of the model in other European countries.
Antas Atrium stands out as a highly compelling opportunity for a BTR development, thanks to its exceptional location in the urban city centre of Porto. The emergence of large-scale residential projects in such central areas is rare, primarily due to the scarcity of available land. In this case, the availability of the site—stemming from the relocation of Porto FC stadium—has created a unique opportunity to develop a purpose-built rental scheme of meaningful scale, offering a comprehensive suite of amenities, excellent connectivity, and a prime position within a well-established and vibrant residential district.
To bring this vision to life, we’ve partnered with tier-one advisors to adapt key insights from more mature European BTR markets to the context of Porto. The focus is on delivering compact, efficient units tailored to middle and upper-middle-income tenants. The project has been designed by renowned architecture firm OODA and benefits from the strategic advisory of Global Apartment Advisors (GAA), ensuring alignment with international best practices in terms of layout, amenity offering and sustainability.
Our experience managing a granular rental portfolio of over 4,000 units in Portugal over the past five years has confirmed that the fundamentals are in place. We believe the Portuguese market is well-positioned to follow the trend of more developed BTR markets, particularly in Spain, which we view as a relevant benchmark. Antas Atrium is poised to lead this evolution as Portugal’s ’s first large-scale, purpose-built rental development.
The initial Build-to-Sell phase has already surpassed 100 units sold shortly after construction began. How do you interpret this strong sales performance in the context of Portugal’s housing supply-demand imbalance, and what does it reveal about current buyer preferences?
The initial market response has exceeded our expectations, with over 100 units sold shortly after the start of construction of Phase 2. This strong performance confirms the attractiveness of both the product and location, further validating our investment thesis in the residential market.
Portugal’s housing market is facing a structural supply shortage, particularly in urban centres like Porto. Our BTS product directly addresses this challenge by providing compact, efficiently designed units with a weighted average size of 87 sqm, aligning with current buyer preferences and creating a more inclusive offering for first-time buyers and small families.
Following the success of the phase 2 sales launch, we are planning to start the commercialization of the next BTS phase in Q4 2025 - earlier than anticipated in our initial business plan.
Winning the Deal of the Year Award from a jury of over 50 Iberian real estate professionals is a prestigious recognition. What does this recognition mean for Tikehau Capital’s strategy and future investment plans in the Portuguese residential sector?
Being awarded “Deal of the Year” is both an honor and a strong endorsement of our vision for the Portuguese market. It affirms the scale, ambition and impact of the Antas Atrium project—not just as a real estate development, but as a socially meaningful project that introduces innovative models such as BTR while directly addressing the country’s structural housing challenges.
This recognition further reinforces our long-term commitment to Portugal where we have established ourselves as leading player in the market —not only within the residential sector, but also across other segments in which we are active, including hospitality and asset repositioning.