It is not only the Brazilian upper classes who seek Portugal to work or live. For a long time now, important groups from Brazil have been looking to our market to invest.
The most recent case is BTG Pactual, headquartered in São Paulo.
BTG Pactual (Banking and Trading Group Pactual) is a 40-year-old Brazilian investment bank that specializes in investment and venture capital, investment fund administration, and asset management.
In Brazil, BTG Pactual’s real estate arm has 2.9 billion euros under management, and if you add to this the value of real estate in all of Latin America, then this amounts to “21 billion Reais” (according to the Brazilian press), the equivalent of 4 billion euros.
Michel Wurman, head of BTG Pactual’s Real Estate division, told the Brazilian economic portal NeoFeed that “by the end of the year we will have 300 million euros under management in Portugal.”
The first purchase that has been completed and is currently under construction is the Eden hotel in Estoril. The head of the Brazilian investment bank’s real estate area, however, says that they will soon be in the shopping center market.
The renovated Hotel Eden, in Estoril
According to that manager, the Hotel Eden, in Estoril. “It’s an emblematic place”. “It’s a trophy asset” – he underlines. The building, of 12 floors, will be “a mix between hotel and residences with hotel services” and will be managed by a selected hotel chain. The investment, still according to the manager, amounts to 100 million euros. In total, there are 40 hotel rooms and 20 residential rooms with about 200 m2 each and that will cost around 4 million euros.
In the retail market, BTG Pactual’s real estate manager is not so forthcoming, but says that the targets are “medium-sized malls, between 12 thousand and 25 thousand square meters of GLA (gross leasable area), in medium-sized cities” in Portugal. However, it is likely that the first link of this chain of malls that BTG intends to set up in Portugal will start in the Greater Porto area. It won’t go it alone in this exploration of the national retail market: “We have one of the icons of the Brazilian shopping center market with us in this project”, says Michel Wurman.
“The bank’s strategy is to create a consolidation movement in Portugal, reaching more than 10 malls” – he also revealed to that portal.
Source: Diário imobiliário
