Cushman & Wakefield announces that it has supported the purchase, on behalf of The Art Of Living, a partnership between the Maltese Investment First Asset Portugal (FAP) and the Portuguese Lapavelha’s family office, of the building located at Rua D. Dinis, numbers 1-7 next to Largo do Rato, in the heart of the city of Lisbon.
This project foresees the rehabilitation of a building for the construction of a residential project with 3 apartments, typologies from T4 to T5 with a gross above-ground construction area of about 1,300 sqm, spread over 4 floors. The project also provides for the creation of generous storage and parking spaces, allowing a high-end residential offer, with an exceptional location - close to gardens, sport facilities, shopping malls in one of the best Lisbon neighborhoods with an awesome transport network.
This was the second project in Portugal, after the first one in Janelas Verdes neighborhood with 4,000 sqm also in Lisbon. FAP’s CEO, Mr. Eyal Litwin, is highly committed with Portugal and new ventures are foreseen in the near future as market is still embryonic when comparing with other countries in the western world.
"It was with great satisfaction that we advised The Art Of Living on the purchase of this project, very well located in the center of the city of Lisbon. The high potential for conversion of the building as well as the scarcity of residential supply in the market in Lisbon lead us to want this project to be a success, thus fulfilling the planned business plan. In the current framework, this transaction is further evidence that the confidence of investors and developers in the real estate market in Lisbon remains high.", comments Ana Gomes, Head of New Business and Alternatives, Capital Markets Department at Cushman & Wakefield Portugal.
Both parties decided not to reveal transaction values.
