Novobanco property portfolio attracts 90 investors

Novobanco’s Land Bank €400 million real estate portfolio comprising five assets, including a large 130,000m2 parcel of land in Amoreiras and another piece of land in Olivais, has attracted the interest of over 90 potential investors according to consultants CBRE and JLL which will oversee the sale.

The portfolio has four plots of land covering 400,000m2 with a potential sales tag of €2Bn. Apart from the land in Amoreiras and Olivais, the other parcels are in the Algarve in Lagoa and Portimão. The sale promises to be the one of the biggest, if not the biggest, commercial real estate deal in Portugal for 2023.
In the case of Amoreiras, five plots have been earmarked for residential development with 683 homes and a plot for services.
The interested parties for the acquisition should present their non-binding offers by mid-June, while the completion of the transaction is slated for the end of this year.