Tag: Millennium BCP

BCP to Sell Another €110 Million in NPLs and Real Estate

October 27, 2021 – Ana Custódio

The Lucia Project comprises NPLs (€60 million) and real estate assets (€50 million).

The Portuguese daily newspaper ECO reported that the bank led by Miguel Maya will sell a portfolio of non-performing loans and real estate totalling more than 100 million euros. The Lucia Project comprises NPLs (Non-Performing Loans) worth 60 million euros and real estate assets totalling 50 million euros.

Millennium bcp is looking to reduce its NPL ratio to 2.5%, and this is not the only portfolio that the institution has on the market. The bank is also looking to sell the Green Project, which consists of NPLs and REOs in the Algarve luxury resorts Castro Marim and Monte Rei. Assets pertaining to the Castro Marim resort were excluded from the portfolio, apparently due to the low values offered by investors, while the Monte Rei assets were kept.

The sale of the Lúcia Project, which includes around 60 million euros in NPL and 50 million euros in REO (real estate owned), is being conducted by KPMG.

Translation: Richard D K Turner

Millennium BCP to Sell 111 Hectares of Land in Amadora

23 April 2021

Cushman & Wakefield has been hired by Millennium bcp to sell an enormous plot of developable land in Amadora.

The bank gave an exclusive mandate to the consultancy to sell a substantial set of plots of land in the centre of Amadora. The land, totalling 111 hectares, 38 hectares of which correspond to urban freehold and developable area, may allow, given the current local zoning laws, approximately 250,000m² of above-ground construction area.

The asset is located close to the Amadora city centre and follows the parish of Mina from the railway line to the neighbourhood of Moinhos da Funcheira. Millennium bcp is working with the municipality of Amadora to define sub-units with distinct characteristics for the development of mainly medium and high-density residential projects in what will be the most important pocket of residential development for the middle class in Greater Lisbon in the coming years. The projects will also have to include retail and services spaces as well as green and leisure spaces.

According to a statement by Cushman & Wakefield, “The property possesses an unmatched development potential, which could become the future location of an exemplary and impactful urban project in a central and strategic area with excellent rail and road access to the capital centre and the rest of Greater Lisbon. Given the new market cycle, with more people working from home and with urban planners and developers investing more in greener, cleaner, more technological and better-connected projects, the land has the best conditions for the development of the much-discussed concept of the 15-minute city, whose purpose is to improve the quality of life of citizens by transforming cities into places where everything can be reached in, at most, 15 minutes, either on foot, by bicycle or public transport.”

Translation: Richard D. K. Turner

Orion Acquires Multiusos do Oriente Building in Lisbon from BCP

28 January 2021 – Ana Custódio

Millennium bcp has sold the Multiusos do Oriente building in Lisbon to the Orion European Real Estate Fund V, an investment fund managed by Orion Capital Managers.

Orion Capital Management, a European real estate fund manager, tried to acquire a portfolio of properties from the insurance company Tranquilidade in 2016. The acquisition of the office building near Parque das Nações marks its first foray into Portugal.

While the sales price has yet to be disclosed, BCP had valued the property at around 46.4 million euros in September of last year. Multiusos do Oriente, located in Parque das Nações, Lisbon, has a total of 37,000 m² of offices under construction and is expected to be completed by the end of 2022.

“Our interest in investing has been supported by strong long-term investment fundamentals and an immediate shortage of modern office space in Lisbon. This acquisition represents a unique [opportunity] to create a new horizontal building style campus with generous and desirable outdoor spaces,” said Gauthier Renaud, director of Orion Capital Managers.

Orion Capital Managers LLP, a London-based European company, was founded in 1999 and invests in real estate in countries like the UK, Spain, Italy or France.

Translation: Richard Turner

Photo: Joao Morgado

BCP to Sell €750 Million in Assets

28 September 2020 – Millennium bcp is preparing to sell two portfolios with assets totalling approximately 750 million euros. The assets include a €300 million portfolio of non-performing loans and another portfolio consisting of corporate debt and real estate worth about €450 million. An article in the Jornal Económico added that KPMG is advising BCP on the sale, which is known as the Webb project.  

Original Story: Idealista

Translation/Summary: Richard D. Turner

New Mixed-Use Development to Go Up by Porto’s Praça D. João I

23 June 2020 – The former Casa Forte – which took up a large part of the city block by the Praça D. João I in downtown Porto, will be the site of a new mixed development, called the Bonjardim City Block, including housing, shops and a hotel. The project had been initially announced three years ago, and construction started soon after, but later came to a halt, leaving a massive hole on the land.

Initially, the development was the fruit of a public-private partnership between SRU Porto Vivo, which is now wholly owned by the Porto City Hall, and Millennium bcp’s real estate management arm.

The project, under development on a 28,500-m2 plot of land, stems from a set of parcels of land on the block between the Rua Sá da Bandeira, Rua do Bonjardim and Rua Formosa, near the city’s Bolhão Market and Avenida dos Aliados.

An international investment fund, which won the tender by two real estate funds managed by Interfundos (AF Portfólio Imobiliário and Imopromoção, both controlled by  Millennium BCP) will take over the development of the project.

Original Story: Idealista – Elisabete Soares

Translation/Summary: Richard D. Turner

BCP Looks to Sell Bayview Sesimbra for €2.5 Million

29 October 2019 – The Bayview Sesimbra project, located in the town of Sesimbra, just to the south of Lisbon, is on sale for 2.5 million euros. Millennium bcp is selling the 4,500-m2 property, which includes the tourist flats Varandas da Falésia. The property is on the Estrada de Argéis, on a cliff overlooking the Praia da California.

The resort, which was built in the 1980s, operated for several years in three separate buildings. In 2007, the municipal authorities approved a subdivision, limiting it to 47 4-star accommodation units.

The bank is accepting bids for the asset up to 5 pm on November 8, 2019.

Original Story: Idealista

Adaptation/Translation: Richard D. K. Turner

Portugal’s Banks Still Have 24,000 Properties for Sale

12 June 2019 – Richard D. K. Turner

Portugal’s banks still have almost 24,000 properties, mostly homes, worth more than 4.3 billion euros, for sale. That number has been falling as financial institutions have been selling off large real estate portfolios, taking advantage of the boom.

Banks like Novo Banco, Banco Montepio and Millennium bcp, however, still have over 5,000 properties each on their balance sheets. These figures mean that non-performing loans account for 9.4% of the Portuguese banking industry’s total loan portfolio, while the average for the EU is just 5%.

The Bank of Portugal also recently warned that the real estate boom that has powered sales is showing increasing signs of strain. At the same time, Portugal’s banks are further reducing spreads on mortgage loans, in a fight to maintain market share, while expected housing sales times are beginning to widen.

Original Story: JN – Elisabete Tavares

 

Just South of Lisbon, Barreiro is an Area with “Very Desirable Real Estate”

18 February 2019

Barreiro has seemingly gotten a new lease on life, as demand for homes in the area grows and developers race to build new homes and renovate existing ones to keep up. The mayor of Barreiro (CMB), in statements to idealista/news, guaranteed that “real estate in the city is highly attractive.” Mayor Frederico Rosa stated that the municipality on the South Bank of the Tagus needs additional investments in the Container Terminal, the new airport in Montijo and the Barreiro-Montijo transport link to develop more sustainably.

Principal buyers are French, Nordic and Brazilian

Barreiro comprises a relatively small area but has a high population density due, on the one hand, to its location on the Coina and Tagus riverfronts, with views of Lisbon, and to good transport links, principally by ferry, to Lisbon. Idealista/news spoke with Mayor Rosa to understand the changes to the local real estate market.

In response, Mayor Rosa spoke of the two sides of the local market. First, the new housing market, where new construction projects are already under development, and “homes that are being renovated throughout the city.” The mayor added that particular focus had been given to redeveloping the urban centre of the region, “which has seen the largest number of projects and investors coming to the area, not just from Portugal but around the world.”

Mayor Rosa stated the investors principally come from France, northern Europe and Brazil. Recently a group of Brazilian real estate investors visited the city. Their impressions of the city “represent a good business opportunity.”

“There are both foreigners and the Portuguese investing here in homes for their use as investments in the housing market.” To get a better idea, the city has already raised more in construction fees in 2018 than in the two previous years combined, and the first two months of the year have been equally successful.

Torre Fénix to move ahead

As for new construction projects “they are often located in areas that have been stagnant for years,” the mayor explained, adding that “many buildings that require rehabilitation are also moving ahead.”

Examples of the new projects include a building on Avenida Alfredo da Silva, which was originally built in 1983. The residential building is the largest tower in Barreiro and was never finished. The Fénix Building, as it is known, is already under construction and will be completely rebuilt this year.

Another project under development is the Quinta do Braancamp, a rural complex located in the city of Barreiro which consists of an old, 19th-century manor house, agricultural facilities, a windmill and farmland.

After the insolvency proceedings of the Sociedade Nacional de Cortiças, a cork producer, the property passed to Millennium bcp. The bank later sold the land to the municipality of Barreiro in 2015. The land comprises roughly 21 hectares. Seven hectares are slated for development into housing with river views. Given its size, the development will include housing (182 homes), leisure facilities and parks, restaurants and hotels. With planned private investments of approximately 100 million euros, the municipality is still analysing proposals from investors. Construction, however, is expected to begin in 2019.

Another project, this time for local tourist accommodations, including 150 beds, is expected to be completed next year.

Original Story: Idealista – Carla Celestino

Photo: Flickr

Translation: Richard Turner

 

BCP Selling Tagus Park Office Building for €6.4 Million

6 February 2019

The building is currently occupied by BCP itself, which expects to remain as a tenant until at least the first half of 2021.

Millennium BCP is selling one of the Tagus Park office buildings it owns in Oeiras. According to Wednesday’s real estate supplement in the Público newspaper, the bank will be open for offers until February 28. BCP is asking for a minimum of 6.4 million euros for the asset.

According to the publication, the building comprises 3,400 square meters of offices, three floors and 3,800 square meters of parking, and is located on a plot of land separate from the rest of the Oeiras business park.

The financial institution’s objective is to conclude a sale and leaseback operation, as it wants to maintain its operations in the building until at least the first half of 2021. BCP is currently offering to pay 30,000 euros in rent per month, “with a contract of no less than 30 months,” providing a yield of nearly 6%, said Ramiro Gomes, the head of the bank’s Specialised Credit and Real Estate Department.

Mr Gomes added that BCP is willing to finance the acquisition for potential buyers “with more favourable conditions and lower fees.”

Original Story: Dinheiro Vivo / Lusa

Photo: António Pedro Santos / Lusa

Translation: Richard Turner

EMEL Park in Alcântara on Sale for Development into Condominium

6 December 2018

The last phase of the Alcântara Rio condominium was projected for land that EMEL adapted into a car park for 200,000 euros.

A parcel of land in Alcântara, where the Municipal Mobility and Parking Company of Lisbon (EMEL) built a 200-spot car park, is on sale for 14 million euros. Inaugurated in June 2017, the park has an expiration date, as a housing development is planned for the site.

The land measures more than five thousand square meters and currently belongs to Enerparcela, Empreendimentos Imobiliários, SA, a company belonging to the Millennium BCP group, whose real estate department is responsible for the sale. In response to questions from Público, EMEL stated that it pays 4,000 euros in rent per month, but that “this amount will only begin to be effectively paid after accounting for our investment” in the park, which was around 200,000 euros.

The second phase of the Alcântara Rio condominium is expected to be built there. The building will include 74 flats and three shops and, according to the announcement that was published on the Internet in newspapers, is “in the final phase of licensing.” The building will have seven, above-ground floors and two below ground for 154 parking spaces.

Alcântara Rio is an old project of the architect Frederico Valsassina, who, since the 1990s, has worked on designs for the area which was once home to the CUF factory (the chimney still stands), and which was later converted into a Pão de Açúcar hypermarket and the Cinema Las Vegas. Situated between Calvário and Avenida de Ceuta, the condominium also occupied the space where a Pingo Doce operated, next to Rua da Cozinha Económica.

Despite its history of controversy (the works were suspended in 2005 due to a request by the Public Prosecutor), the first and third phases of the condominium have already been built. The second will close the block between the Fontainhas, Fradesso da Silveira and João de Oliveira Miguens streets. The development currently has eight buildings, including housing, offices and commerce.

“Demand for this land has been enormous in recent times,” Ramiro Gomes, head of sales at BCP’s real estate business division, told Público’s Real Estate Supplement.

According to EMEL, there are currently 92 people paying for monthly parking, most of whom are merchants (51) and residents (34), who pay between 35 and 80 euros to be able to park at any time on the site. Another seven people, who are neither residents nor businessmen, also pay from 80 euros (daytime) to 100 euros (24 hours) a month. Also, according to data for the year to the end of November, the car park had an average daily occupation of 30%, which represents another 60 spots.

“The new park, which is part of an area that has very limited options for parking, mainly serves the populations of the parishes of Alcântara and Estrela,” reads an article published on the company’s website in June of last year, at the inauguration, which was attended by Fernando Medina.

This last phase of the Alcântara Rio condominium will join a group of other projects already underway in the parish, especially on its riverside. The CUF Tejo hospital, under construction a few hundred meters away on a plot of land sold by the Lisbon city council, is in an advanced phase of construction and should open next year. Another major development is also underway, involving the construction of two residential and office buildings, which will later extend to the whole area next to Avenida Brasília, including the Lx Factory’s current home.

Original Story: Público – João Pedro Pincha

Translation: Richard Turner