Finangeste, a company created by the government, continues to add real estate investments in the national territory. It has just completed an enterprise in Caldas da Rainha and has about 500 million euros available for other projects. In portfolio are future developments in Lisbon, Oeiras and Faro, but behind are already many acquisitions in several cities in the country.
The most recent project is called Caldas Terrace and results from an investment of 10.5 million euros. Finangeste recovered five unfinished buildings in Caldas da Rainha and created 73 apartments as well as gardens, swimming pool, stores and services. But the investments don’t stop there. In the portfolio is another five million euro project in Vila Franca de Xira, started about a year ago.
Recently, and already in the office segment, the company specialized in credit recovery and real estate asset management acquired, in partnership with a British investor, Trindade Domus in Porto for over 40 million euros.
From now on, Finangeste ensures that investments will continue. The company is currently recovering two buildings in the historic centre of Lisbon and is about to conclude a plot of land in Oeiras, with an investment of over 175 million euros. Another project in Faro, the Amoreira Valley Urbanization Plan, with 21 hectares, in an estimated investment of 250 million euros, should also be highlighted.
“Finangeste’s investment is not limited to the large urban centres of Lisbon and Porto. We have every interest in building and investing in cities that have great potential”, says Paul Henri Schelfhout, administrator, quoted in a statement, noting that the project in Caldas da Rainha shows this versatility.
Finangeste was created by the Portuguese government in 1978 as a public company and is currently part of a group of credit recovery and real estate development companies. It usually acts in partnership with international investors, which are the ones that advance with most of the investment. In the last two years, it has raised about 500 million euros of international investment for new projects in the country.