Lucios invests €150 million in property
The Portuguese construction company Lucios has set up a subsidiary dedicated to property development projects.
Lucios Real Estate involves a €150 million investment and aims to represent up to 50% of the company’s total business turnover.
The new subsidiary company will have around 100 full-time staff dedicated to “key-turn” projects, both concessions and direct real estate contracts.
The company’s most important developments this year was the development of two luxury developments in Porto. One in Essenza (pictured) by the Parque de Cidade and the other, Montevideu Six Villas at Foz.
Lucios states that these two projects involved an investment of “around €40 million in developments that are aimed at attracting investors from different nationalities.”
Lucios Real Estate also has a project portfolio which includes refurbishment and rennovation and the future concession of the Palácio de Cristal, also in Porto which “should be one of the group’s main projects for 2019.”
In the same city, Lucios is also investing in the future Hotel Catalonia (formerly the Aviz), next to Praça da Batalha, and in the Accor Group’s Hotel Bonjardim.
In Lisbon the developer will develop a housing project with 29 apartments, República 95 in Avenida da República.
The company expects that its new subsidiary will be responsible for 60% of the company’s total business turnover according to Filipe Azevedo.