28 October, 2020

Bondstone to develop two residential projects in Portugal for total investment of €50 million

Bondstone, a Portuguese private equity real estate investment and asset management firm, is to develop two residential projects in Porto and Cascais for a total investment of EUR50 million.

The firm has acquired the two sites and secured planning consent. It expects to start construction of both in the first quarter of 2021, with completion expected in the first quarter of 2023.

The EUR35 million project in Porto, which is being developed in a joint venture with Violas Ferreira Group, a leading Portuguese family office, will comprise 36 high-end townhouses in Foz, the most exclusive residential neighbourhood in the city.

The EUR15 million in Cascais, a coastal town, just west of Lisbon, will comprise 15 luxury apartments and is being carried out by Bondstone alone.

Anticipating structural shifts in lifestyle and design trends as a result of the Covid-19 pandemic, both urban residential projects will feature generous outdoor areas such as private gardens, balconies or rooftop terraces, including private or communal swimming pools. Both developments will be targeted at the mid to high-end of the market, where Bondstone’s team has an unparalleled track record.

Before forming Bondstone, CEO Paulo Loureiro focused on developing distinctive residential projects in Portugal with a gross development value of EUR130 million through his company, Louvre Capital. The assets and platform of Louvre Capital, which include a team of 15 experienced investment and project management professionals with offices in Lisbon, Porto and London, were acquired by Bondstone earlier in the year.

Paulo Loureiro, CEO of Bondstone, says: “We are excited to be developing architecturally distinctive, high-end residential projects in Porto and Cascais, two cities with strong market fundamentals, robust demand and low supply of new residential units. They are designed specifically for today’s structural trends and behavioural transformations, triggered by the pandemic lockdowns.”

While acknowledging that the global real estate market may experience valuation adjustments in the short term, Bondstone remains of the view that the fundamentals of the country and the demand for new housing will remain supportive in the long run. The firm plans to deploy a total investment of EUR400 million in the Portuguese market by co-investing with prominent investors in the residential and commercial sectors in value-add and opportunistic strategies, which may include repositioning, refurbishment and development. As part of this plan, the firm is currently underwriting a pipeline of new projects representing an investment of around EUR200 million.


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