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Canadians buy Alfragide Business Center for $5 million to turn it into a hotel - Real Estate

Canadians buy Alfragide Business Center for $5 million to turn it into a hotel – Real Estate

Credit and real estate asset manager Altamira has announced the completion of the sale of Centro Empresarial de Alfragide, an asset consisting of three buildings, for an amount exceeding €5 million.

Through a statement, the director explained that he sold this asset to Grupo Mercan, which is based in Canada and has been in the Portuguese market since 2015. The Canadian company has announced several investments in the Portuguese market. The latest edition, released in May, involves an investment of €21 million in construction New hotel in ÉvoraIn partnership with RA Group. In total, the company has 13 projects in Portugal, in Porto, Gaya, Matosinhos and Amarante.

Al Farajeed Business Center, which consists of two service buildings with a total area of ​​3,727 square meters, and a warehouse of 1,188 square meters is located on a plot of more than 6,800 square meters. The Canadians are planning to develop a hotel project in this space, according to Altamira’s statement, in what will be the first project in the Lisbon region. “For this asset, the transformation process for new buildings was already underway, which will be enhanced by this sale,” says João Ribeiro, director of real estate at Altamira Portugal. The official stresses that this investment proves that “the development of hotel projects continues to be a trend in the real estate sector and this project will certainly contribute to strengthening the western corridor.”

“This is our first project in Lisbon. It reinforces our commitment to the tourism sector and the positive impact that we want on the country’s economy, in addition to other hotel projects that we are developing that will have an appropriate weight in construction. It will include employment, both in development and construction, as well as in Management of future hotels, which will be long-term, says Jordi Vilanova, Vice President of Grupo Mercan.

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Mercan Group also set out in May with the construction of the Renaissance Park Hotel, a Marriott World brand, on land near Lapa Church in Porto. This investment is worth 56 million euros, to build a hotel with 163 rooms and create 140 jobs in the city.