Montepio invests in home for elderly
The Portuguese Cooperative-style bank Montepio is to invest €11 million in a home for the elderly in Lisbon’s Entrecampos zone.
The building, currently under construction, is on a 13,000m2 site and comprises two towers with assisted living apartments and an internment unit with round-the-clock specialist elderly care. The two towers will be linked by a metal bridge.
The development is one of several in property developments as the bank, which is a hybrid between a building society and a cooperative (mutual association) invests in real estate taking advantage of the current boom in property development in Lisbon prime city-centre land assets.
This month Banco CTT signed a promissory purchase contract for a property in Lisbon’s city centre Martim Moniz in a deal worth €10.3 million with the asset value for the company led by Francisco de Lacerda stands at €8.5 million.
Other prime Lisbon deals lately include the sale of a building in the city’s prime avenue Avenida da Liberdade to a Canadian investment fund for a total of €15.2 million.
In April this year a Spanish real estate investment fund bought the Zen Torre office building in Lisbon’s Parque das Nações. The office block is expected to generate €21 million of rents annually while in the zone the Martinhal Group is investing €130 million in a new purpose-built office block, an aparthotel and an international school for 900 pupils from 2019/20.