“The process brought together several entities with different investment profiles, due to the potential of this asset, namely its possible purposes (Residential, Hotel, Tourist Apartments). The Mercan Properties Group proved to be the most competitive buyer, providing, for this asset, the development of a new urban rehabilitation project in the hotel sector”, says JLL in a statement.
According to the consultant, the set of real estate assets in question is close to the marina and the main tourist attractions in the city, benefiting from a unique location and river views in the city. “It is believed that this project will decisively contribute to the redevelopment of the area, giving it a new attractiveness”.
Focus on the Algarve
Cited in the document, Jordi Vilanova, president of Mercan Properties, comments that “the purchase of these assets is another bet by the Mercan Properties Group in the Algarve. It is a region with high potential, where we are now advancing towards the development of our third hotel project in this area. This will be our first urban rehabilitation in Faro, which will certainly enrich the economy of the historic centre of the city”, he adds.
Gonçalo Ponces, head of Development at JLL Portugal, points out that the set of real estate assets in question has always raised “a lot of interest from potential investors, national and foreign”. “It was with great satisfaction that after a highly disputed process, we ended up closing a deal with Grupo Mercan Properties, which in recent years has been investing very actively from north to south of Portugal”.