Thursday, May 23, 2024

RE Capital and REIG acquire mixed-use development in Portugal

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European property group RE Capital and Real Estate Investment Group (REIG) have acquired a mixed-use development in Portugal.

RE Capital and REIG have teamed up to buy the Oeiras Tech City from Novo Banco for an undisclosed sum.

The Oeiras Tech City project, set on a 93,000sqm site in Oeiras near Lisbon, will have a gross construction area of 82,000sqm, offering a mixture of residential, co-living, services and retail spaces. 

Newman Leech, CEO of RE Capital, said: “Our vision for Oeiras Tech City is to blend modernity with sustainability, creating a harmonious environment that resonates with the evolving preferences of today’s urban dwellers.

“This project truly reflects our passion for delivering exceptional quality and value to our partners, investors, and the communities we develop in.”

Olivier Hezelot, head of Europe at RE Capital, said: “The Oeiras Tech City project is a pivotal moment in our European portfolio, showcasing our ability to transform landscapes into thriving ecosystems.

“This development is more than just buildings; it’s about fostering a connected and sustainable community, setting new standards for living and working environments in Europe.”

Nuno Santos, head of Portugal at RE Capital, said: “Oeiras Tech City represents the evolution of urban developments, creating a space that is not just a place to live or work, but a thriving community that caters to the dynamic needs of modern society.

“This project is set to become a benchmark for sustainable and innovative living in the Lisbon Metropolitan Area.”

To read the latest IPE Real Assets magazine click here.

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