Cushman & Wakefield has announced the completion of the sale of a group of buildings at Rua das Janelas Verdes 108, in the heart of Lapa in Lisbon. The buildings, that total approximately 3,000m² of gross construction area above ground and include over 500m² of private gardens, has an approved project for the development of 13 residential units including apartments and villas, all with private parking.
Cushman & Wakefield acted on behalf of the seller and the property was acquired by ReTrend – a developer of Polish origin initiating activity in Portugal and with a great desire to develop a platform of luxury residential developments for rent, especially in the most attractive and noble neighborhoods of the Portuguese capital, thus taking advantage of the huge demand and scarcity of products of this nature.
To support on the transaction and to ensure the success of the project, ReTrend has enlisted the support of reputable firms in the real estate industry. VCA - Valadas Coriel & Associados is providing legal assistance, while Andersen is offering tax and legal support related to investor structure.
The buildings, which will be subject to intensive rehabilitation works, are located in one of the most sought after and valued residential areas of the city. With excellent views of the river and just a few minutes walking distance from Largo de Santos and the future metro station, this location benefits from the excellent proximity to a diverse supply of commerce, services, cultural and leisure activities.
According to Ana Gomes, Partner and Director of Development & Living at Cushman & Wakefield, "We are very proud to have proactively contributed for the conclusion of another real estate transaction in Lisbon and for the continuous improvement of one of the most emblematic neighborhoods of the city, this time with a project that will allow the introduction of a new residential concept in Portugal – a residential product designed and built from scratch for the rental market offering luxury and a set of services and amenities such as the presence of Conciérge, with a permanent professional management. In addition to being able to meet a growing demand for new residents, especially foreigners, it will fill a gap in the city, allowing a new offering already present in other major world capitals. "
Eyal Litwin, Head of ReTrend, is extremely bullish in the future of the high-end residential market in Lisbon – “For ReTrend, this is an extremely exciting project and marks the beginning of our new adventure in Portugal. With our extensive experience in other markets such as Canada, Belgium and Poland over the last 20 years, we are thrilled to bring our knowledge and expertise to the Lisbon market. We firmly believe in the continued growth of the high-end residential market, specifically in the build-to-rent segment, which is poised for significant expansion in the coming years.
At ReTrend, we have assembled a talented project team, including an in-house interior designer, Project & Construction Management and Financial Support. We are proud to continue the excellent collaboration with Saraiva+Associados, as we firmly believe that to create a top luxury product, we need to work with the very best in Portugal. This is just the beginning for ReTrend, and we already have our sights set on other luxury projects.
As our name suggests, we aim to set a new trend in the high-end luxury residential market. Our focus goes beyond providing top-notch luxury fittings; we are committed to delivering a rich hospitality service experience to our residents. We want to create a unique living environment that not only offers luxurious accommodations but also a range of services and amenities to enhance our residents’ lifestyles. With this approach we are confident that ReTrend will become a leading developer of luxury rental properties in Lisbon and are excited about the future opportunities that lie ahead”.
