Essential Business

French bank in Lisbon mega-development by LX Factory 

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Essential Business

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A French property developer is to build a mega-development in Lisbon’s Alcântara by trendy alternative co-work and shopping area LX Factory.

 

The two buildings comprise offices and housing in what has been termed Lisbon’s Camden Town. 

BNP Paribas Real Estate acquired land covering 70,000m2 where it plans to build a mixed-use project next to LX Factory on an area which in the early 19th century housed textile mills and warehouses. 

Construction work on the project will begin in October this year and will comprise two 37,000m2 offices and various apartments of different typologies covering an equal land area developed in partnership with various teams led by two Portuguese entities. 

Thierry Laroute-Pont, CEO of BNP Paribas Real Estate said in a communique that this “operation demonstrates once again our international development ambitions in a concrete form and, more specifically, our aim to forge ahead with the development of our real estate development activities in Europe where we have identified excellent propositions in Portugal.

The site, right in the LX Factory quarter of Lisbon, has been highlighted by the developer for its location and cultural character. LX Factory was sold by the Portuguese company Mainside to the French group Keys Asset Management which specialises in commercial real estate. The new owners intend to refurbish and restore some specific buildings for events and recreation. 


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