Finangeste to invest €500 million in Portugal

 In Development, Funds, Investment, News

Finangeste, the debt and real estate recovery and asset management company says it aims to invest €500 million in Portugal.

The company specialising in buying up very distressed assets and repositioning them as growing concerns, has just completed the Caldas Terrace development in Caldas da Rainha in a €10.5 million investment.
The Caldas Terrace development consisted in the renovation of five unfinished buildings in the Silver Coast town near Óbidos and which is an urban project that involves 73 homes, gardens and pool as well as shops and services.
In a communiqué, Finangeste says that the company’s investments in Portugal involve projects in Lisbon, Oeiras and Faro within an investment portfolio of around €500 million.
The company says that half of the Caldas Terrace homes are reserved and that commercial spaces are all ready for sale in the second phase.
“This development was developed in line with a new urban strategy underway in this area of Caldas da Rainha, aimed at the increasing the value of the area.”
“The development is integrated within an area with new supermarkets, a hotel, a hospital and a gym,” says Paul Henri Schelfhout, Finangeste CEO.
“Finangeste is proud to have participated in a project that has contributed to solving a social problem of both health and security (this part of Caldas had been notorious for drug addicts, drop-outs and homeless squatters) which had gone on for various years at one of the main entry points to the town and in a close partnership with the local community and Caldas da Rainha Town Council,” he adds and which reflects the “company’s vision in the urban rehabilitation segment.
Portugal will continue to be a source of future investment for Finangeste and other relevant investments underway.
In addition to refurbishing two buildings in the historic centre of Lisbon, the company is about to complete works on a new urban allotment for housing, offices and shops in Oeiras covering 110,000 m2 in a project that will involve an investment of €175 million.
In turn, the company will also help develop the Vale da Amoreira Urbanisation Plan in Faro for which it is in discussions with the local council for a city garden park in the heart of Faro within an area which is currently expanding.
The parcel of land covers 21 hectares, with around one half earmarked for the park. Construction development area will cover 150,000 m2 with an investment of around €250 million.
“Finangeste investment is not just limited to the large urban centres of Lisbon and Porto. We are interested in building and investing in cities that have great potential. The Caldas da Rainha investment shows this and we can say that it was a winning investment,” says Paul Henri Schelfhout.