Portuguese business companies enhance investments in real estate
Valor Econômico
With a long tradition in Portugal, but with the patrician market in an extremely complicated situation, Portuguese business groups and banks are draining resources for the Brazilian real estate sector - where demand response is radically opposed. In common, besides the conservatism, they look for opportunities in the most diverse segments - from logistics centers and commercial buildings to real estate and residential real properties of medium and high standard.
The Banif bank, which was several investments in logistics, is investing in office buildings and test new markets in the residential sector. At the same time putting about R$ 16 million (US$ 9.1 million) in the transformation of a commercial building in the residential Vila Nova Conceição (São Paulo), it makes its way into the program My House, My Life. In partnership with the building company Cisam, it launches, on May 29, in Osasco (SP), an undertaking that will have 1440 units in five phases. It will also carry out an undertaking of eight towers in Taboão da Serra. The company has R$ 100 million (US$ 57.1 million) invested in a first fund, about R$ 70 million (US$ 40 million) in a second fund and study the structure of a new fund.
Espirito Santo bank, which invested in partnership with the former owners of the CBPO building company, created a company nearly a year and a half. The Espirito Santo Properties Brazil foresees launches this year of nearly R$ 500 million (US$ 285.7 million) of general sales value. The company has a portfolio of lots of land which amount to R$ 5.6 billion (US$ 3.2 billion) in undertakings. Espírito Santo will launch the last phase of land of the Quinta da Baronesa, a real estate development of the highest standard between Itatiba and Bragança Paulista (in the interior of São Paulo) and is preparing itself to launch a condominium of ready-made houses at the site. It also launched, in partnership with Pedra Branca company, a sustainable district in Florianópolis, with an investment of R$ 82 million (US$ 46.9 million) in the first stage of the work. Another business is the development of a logistics park on Dom Pedro Highway.
With a yet more "low-profile" stylish, another Portuguese group that is accelerating its activities in the Brazilian real estate market is the Teixeira Duarte. With its focus spread out on various segments in Portugal - from the food and fuel trade to road concessions and hotel segment - the company chose the sector to expand its presence in Brazil, though, here in Brazil, it also follows the path of diversification and has from small hydroelectric plants to even oil exploration in Bahia.
The group, which began buying lots of land in Sao Paulo at the end of 2006, has four projects in Sao Paulo - Alto de Pinheiros, Santana, Campo Belo and Vila Mascote, and already has two other launches planned - one in Jundiai (SP), another in Santo Amaro, district of São Paulo. The general sales value released so far is R$ 350 million (US$ 200 million). With experience in the corporate building market in Portugal, Teixeira Duarte is already starting to look for lots of land to build this type of building also in Brazil. As found out by Valor Econômico, the group also begins to look at real estate business in the retail area and has hotel projects under approval.