VIC Properties acquires Matinha plot, connecting Parque das Nações to Prata Riverside Village
VIC Properties S.A. has acquired the Matinha plot, in the parish of Marvila, Lisbon.
With a land area of approximately 20 hectares and a total of 260.000 sqm of construction area above ground, VIC Properties plans to build more than 2000 new homes in this plot, in one of the most ambitious real estate projects in Portugal.
The company plans to start construction works in the beginning of 2020 and will develop the project over the next few years. The Matinha project will include several leisure facilities, as well as a number of several lifestyle and convenience services that will transform this part of the city into a space of excellence to those that live, work or visit the area. As in Prata Riverside Village, a project already underway and under the responsibility of VIC Properties, the goal is to create an integrated space that enhances quality of life and provides a unique lifestyle experience.
With this acquisition and taking into account the ongoing construction of the Parque Ribeirinho Oriente, the Matinha project will connect Parque das Nações to Prata Riverside Village, pursuing its mission to rejuvenate a part of the city that has long been overlooked. Lisbon will acquire a new leisure area by the river, to be enjoyed by the general community.
According to João Cabaça, co-CEO of VIC Properties, “this project is a needed response to the lack of new build construction in Portugal, a problem that has had an even greater impact on the city of Lisbon“. With the Matinha project, together with Prata Riverside Village, VIC Properties will provide more than 2700 new homes to the Portuguese market.
Luís Gamboa, COO of VIC Properties, also emphasises that “with the ambition of being a leading developer, VIC Properties gives the highest priority to environmental sustainability measures, ensuring a high level of public and environmental health standards. Being an old industrial site, the Matinha plot will not be an exception“.
About VIC Properties
Building Lifestyle Experiences
Focused on the Portuguese residential real estate market, VIC Properties combines in-depth know-how in property development in Portugal, knowledge of the capital market and extensive experience in large development projects. Headquartered in Lisbon and led by a highly experienced management team, the company is a fully integrated real estate platform that covers the entire value chain of the construction process.
VIC Properties operates from the moment the land is identified, during the planning phase, to the construction and sale, as well as the administration of the property and associated services. An under-supplied residential market and a highly fragmented real estate sector in Portugal provide a unique market opportunity for VIC Properties and all its stakeholders.
At the end of April, VIC Properties completed with success the issuance of a 250 million euro Secured Pre-IPO Convertible Bond. This transaction sets the company up for its stock market listing.