Luzzo Pizzaria store in Porto sold for 1 million euros

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Located on rua Mouzinho da Silveira, this store was bought by a Brazilian investor, a business that proves the dynamism of commercial real estate and that “Porto is on investors’ radar”.

A Brazilian private investor has bought the store currently occupied by Luzzo Pizzaria, on rua Mouzinho da Silveira, in Porto, for 1 million euros. The deal was accompanied by Athena Advisers and JLL.

The pizzeria currently occupies two floors of this rehabilitated building, which is located in one of the main commercial axes of downtown Porto. It has an area of 171 square meters, and has been leased since 2018 on a long-term contract.

This transaction was completed by Athena Advisers, which accompanied the buyer in its first deal in the retail sector in Portugal, and JLL represented the seller, another private investor, not identified.

David Moura-George, Managing Director of Athena Advisers in Portugal, recalls that “this acquisition was made by a client that we had already accompanied in the purchase of a house in Lisbon and that now has invested with us in a commercial asset. He considers that “it is another example that strengthens a trend that we have denoted for some time and that has to do with the fact that foreigners who buy houses in our country end up diversifying their portfolio, investing in products in the commercial sector. This will be increasingly recurrent”.

According to the responsible, in the near future “Brazilian investors will stand out in this type of investment due to the insecurity in their country and the instability that the political decisions of the current government can generate in businessmen, which is why they are withdrawing their capital from Brazil and applying it in other markets, including Portugal. Besides, every time these buyers diversify their business, they do it with increasingly higher tickets, which in some cases can reach 30 million euros,” he adds.

Salvador Leite Castro, Head of Private Wealth Investment, Capital Markets JLL, highlights that “this transaction is a clear sign that Porto is on investors’ radar and that commercial real estate continues to be sought after as part of a capital diversification strategy.

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