With this deal, a joint venture was created focused on developing this 66 million euro luxury residential project.
Luxury homes continue to flourish in the Algarve at the hands of various real estate developers. One of the projects scheduled to start up in 2024 is Villas Lobo, in the municipality of Loulé, which will put 43luxury homes on the market by RE Capital and the Real Estate Investment Group (REIG). Now, these companies have decided to sell a “majority stake” in their Villas Lobo project to a local private equity fund, thus creating a joint venture that will be responsible for developing this 66 million euro luxury residential project .
” RE Capital, a pan-European real estate investment, development and asset management company, in partnership with Real Estate Investment Group (REIG) announce the sale of a majority stake in their Villas Lobo project to an experienced local private equity fund,” they explain in a statement.
The sale of this stake creates a joint venture focused on Villas Lobo, the 66 million euro luxury residential project. The parties will jointly develop this project in the Algarve , which is expected to start in 2024.
For Nuno Santos, RE Capital’s Head of Portugal, “this collaboration incorporates a sharing of knowledge and skills, culminating in a unique residential development . With the start of the infrastructure works, we hope to bring a new product to the market – an oasis within the already consolidated Villas Lobo Resort”, he adds quoted in the document.
In this process, RE Capital had the support of JLL’s capital markets development team. “Our involvement in structuring this deal underlines the Algarve ‘s continued allure as a hub for exceptional real estate investments,” comments Gonçalo Ponces, Head of Development, Living & Natural Capital at JLL.
The Villas Lobo project aims to build 43 luxury homes with ecological design, guaranteeing a “sustainable living experience”. For Newman Leech, CEO of RE Capital, “this project represents our entry into the south of Portugal. We have a successful track record in Lisbon and are looking forward to creating a world-class residential development in the heart of the Algarve. It is considered one of Portugal’s most exclusive destinations and the project gives us the opportunity to bring to the market a scalable development unlike any other in the area,” he concludes.
