Swiss wealth management fund 1875 Finance to invest €500 million in Lisbon

The Swiss asset and wealth management fund 1875 Finance is to invest between €500 million and €800 million in a new mega urban housing project with 1,400 homes on a 28 hectare site in Lisbon between the Marvila and Beato districts.

Lisbon City Council gave the green light to the project on April 22. The project will be developed by Floris Marvila, a developer that has almost half of the 12 parcels of land involved in the project, corresponding to 70% of the plots.

The project is being developed in coordination with Lisbon City Council and Infraestruturas de Portugal (a public company that manages and maintains Portugal’s public road and rail networks) with both owning 21.2% and 6.6% of the plots respectively.

Approval from the Marvila-Beato Execution Unit – a massive 28-hectare urban regeneration project in Eastern Lisbon approved by the Lisbon City Council – comes after two periods of public consultation, held between May and June of last year and between January and February of this year. Until now, it had not been revealed who was behind the Floris Marvila development nor the estimated value of the investment.

New urban area will have houses, shops, services and public facilities

The project foresees the creation of approximately 1,400 homes, including social and affordable housing. The plan also includes public facilities such as a day center and a nursing home, as well as spaces for commerce and services.

The urban development project involves a multidisciplinary team that includes the Porto-based architects OODA and the Dutch firm MVRDV.

The project seeks to combine new construction, public space, and the preservation of existing heritage in an area of ​​the city marked by old physical barriers and the presence of railway infrastructure.

Among the heritage and cultural elements integrated into the project are the Beato Convent and a centuries-old rubber tree, which is expected to become the central feature of a new public square.

Source: Negócios; Credits: CML