Fortera with €100 million Gaia project

 In Companies, Development, Funds, News, Real Estate

Portuguese property development company Fortera is to invest €100 million in Porto’s Vila Nova de Gaia.

The development will start in Rua General Torres with a new 160-room hotel over 20 floors as well as 100 residential units in a total development area of 10,000m2. The site will also include a congress centre with a capacity for 2000 people as well as a square with 16,000m2 of shopping and office space.
The idea is to create a commercial, residential, retail, office and leisure ecosystem in a project by famous Portuguese architect Eduardo Souto Moura.
In a communiqué, the developer’s Israeli CEO Elad Dror states, “The project is totally distinct in the region and even in the country, and that we have managed to secure the architect Souto Moura for this project is something that makes us extraordinarily ecstatic because he is an icon, a giant in architecture who will add huge patrimonial value to the project and the region.”
According to Fortera, the project will begin at the start of 2021 and is expected to be completed in two to three years and will create around 500 new jobs.
Fortera Properties was founded in 2015 and concentrates in the luxury real estate sector and the acquisition of plots of land to build developments from scratch or properties for rehabilitation and repositioning into hotels or housing.
For the time being, the developer is focusing its attentions in the Porto and Espinho areas of Boavista, Santo Ildefonso, Nevogilde and Campanhã.
In July, Fortera created an investment portfolio of over €200 million for Porto and Gaia, which will include a new 4-star hotel next to the Dom Luis I bridge in Gaia, in a €9 million investment.
In the same area, it has advanced with investment in a new residential housing project with around 300 apartments.
Over the past four years, Fortera has completed nine real estate projects between Gaia, Porto and Espinho, in a total investment of around €21 million in 2019.