Civilria buys €10M buildings for housing in central Lisbon

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The two buildings acquired for housing will be merged and converted into a single development with 50 apartments and stores on the first floor.

Portuguese real estate developer Civilria has bought the buildings at numbers 10 and 12 on Rua Engenheiro Vieira da Silva, in downtown Lisbon, which it will remodel and reconvert into housing. The deal was closed for about 10 million euros, and the seller was not identified.

This transaction follows Civilria’s goal of “continuing to develop high quality developments in downtown Lisbon, aimed at a sophisticated and demanding client”, as stated in a press release. The rehabilitation of the properties “aims at connecting and reconverting them into a single asset for residential use”, which will have a total of 4,300 square meters distributed over 8 floors above ground, creating 50 apartments and a first floor for retail, as well as two garage floors.

This deal was accompanied by Colliers, who represented Civilria. Pedro Valente, Managing Director of Colliers Portugal, says that this transaction reinforces Colliers’ position in the Portuguese market: “we are building a track record in the national market and working with Civilria, a reference entity in real estate development in Portugal, was very gratifying. As verified, and despite the market uncertainties arising from external conflicts and interest rate increases, investors are still willing to invest in prime zones”.

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