According to a report by idealista, the property will be demolished and a mainly residential project is expected to be built on the site. This project will have the signature of the renowned British architect Norman Foster.

According to CBRE, which advised Bain Capital Credit on the transaction, the CascaisVilla shopping centre is in operation, but the Cascais Municipal Master Plan (PDM) already provides for its demolition and the construction of a new project.

“The Cascais City Council intends to renovate the eastern entrance to the town and this new project is in line with this strategic orientation. The new buildings will reinforce the town of Cascais with modern architecture, but in harmony with the built heritage of the municipality, with a continuous green space and a new central square for public use, promoting a pedestrian crossing that connects the station area to the area where the Cascais market is currently located”, reads the note.

Nuno Nunes, Senior Director of Capital Markets at CBRE Portugal, says that it is “a structuring operation”, while also being “an emblematic transaction, in the sense that it will give new life to Cascais and the people of Cascais”.

“ (…) This operation once again reinforces the solid image that Portugal has been able to maintain with international investors and its ability to position itself, even in a context of global uncertainty, as an attractive hub for attracting talent and new investment”, he adds.