Bondstone in €100M Algarve real estate project
The private equity group Bondstone has acquired Quinta do Morgadinho, its first investment in the Algarve and its largest in Portugal.
The purchase site covers 68 hectares in Vilamoura and heralds the development of a flagship project involving an investment of over €100 million; the largest investment the company has made in Portugal to date.
JLL will act as a side-sell advisor for Bondstone while Uría Menéndez-Proença de Carvalho will deal with the legal aspects of the project.
The development will be set within one of the region’s prime zone’s – the Golden Triangle – close to the beach, golf courses and the Vilamoura Marina. The site already has planning permission, the basic sanitary and road access infrastructures have been partially completed for the residential development that aims to be completely different from the existing offer in the area.
Paulo Loureiro, Founder and CEO of Bondstone said: “This acquisition represents Bondstone’s first project in the Algarve and reinforces our investment and presence in the Portuguese real estate market and is our biggest investment in the sector to date.
“Our focus is to develop distinct projects that raise the bar for the national market and add value to the areas in which our developments are positioned. With this project we hope to contribute to the Algarve’s reputation and continue to expand our portfolio.”
Bondstone has been in Portugal since 2016 where it has built up a portfolio of real estate assets worth €315 million and assets under management of €380 million. The purchase of the new plot of land in the Algarve is the company’s 12th project in Portugal and its largest investment to date.