Novo Banco has decided to place the Land Bank portfolio on the market for 400 million euros. This is a portfolio of 5 plots of land, located in Lisbon and the Algarve, which are available to build housing, offices, retail and tourist buildings. Novo Banco's idea is to sell this set of properties intended for real estate development in 2023.

“At a time when we are seeing a shortage of quality land for development, especially close to large residential and tourist centres, the arrival of this set of assets on the market is very relevant and timely”, said Gonçalo Santos, Head of Capital Markets at JLL Portugal, a consultancy that is marketing the Land Bank portfolio together with CBRE on behalf of Novo Banco.

According to Idealista/news, the Land Bank portfolio consists of 5 plots of land that have a construction potential of 490,000 square meters (m2). “These are lands for the promotion of reference projects in the national panorama, with a significant scale, in areas where there are practically no opportunities for the development of new construction projects”, stresses Gonçalo Santos, quoted in a statement sent to newsrooms.

Where is the land?

In Lisbon the land for sale is located in:

- Amoreiras (130,000 m2 of construction potential): housing, offices and retail development are planned here;

- Parque das Nações area (88,000 m2): this asset allows for the development of an office, services and retail project;

- Oeiras (80,000 m2): inserted in the Cabanas Golf development, this asset has an area to build housing, tourism and retail.

The other two plots are located in the Algarve region:

- Portimão (has more than 110,000 m2 of potential construction area): it is located next to the marina and could be used for housing, tourism and retail;

- Carvoeiro (municipality of Lagoa): provides for more than 68,000 m2 of construction for tourist and residential use in the Benagil area.

As there is a shortage of land both in Lisbon and in the Algarve, Nuno Nunes, senior director of Capital Markets at CBRE, believes that “this is a unique investment opportunity for real estate development in Portugal”. And he also considers that this portfolio “will arouse great interest in the community of national and international developers and investors, who look at this operation as an excellent opportunity to enter or expand their real estate footprint in our country.”