Acquisition aims to “protect the café” from other landlords and legislative instability of commercial leasing.
The historic Majestic café does not go unnoticed by visitors to Porto. But its future was threatened after the building where it is located was put up for sale. To “protect the café” from potential buyers of the building and given the instability of legislation in the rental market, the owners of Majestic decided to buy the entire building where the café has been operating for over 100 years. The value of the deal was not disclosed.
It is on Rua de Santa Catarina, in the center of Porto, that the Majestic café is located, where it opened its doors in December 1922. Until now, the building – partially vacant – where the emblematic café is located, was in the hands of “traditional families of the city”, who decided to put it up for sale, writes ECO.
Potential buyers have been “very interested in the building” for many years, and now have the option to buy it. But the Barrias family, owner of the century-old café, felt that “a new landlord could jeopardize the normal functioning and stability that we (…) want in the establishments, and eventually de-characterize the whole property, which would not be desirable at all”, explains Filipe Barrias, manager of the Barrias group, quoted by the same publication.
That’s why the Barrias group – which owns the Majectic – decided to go ahead with the purchase of the entire building for an undisclosed sum. And what will be its future? The historic café will continue to operate in the center of Invicta. And in the rest of the building the group should develop a “compatible activity” with the brand, such as accommodation.
