Krest to invest €153m in three housing projects in Portugal

Alvor The Breeze in the Algarve region is an €18 mln oceanfront complex featuring 24 apartments spread across two, three-story buildings. The gated community will boast a communal pool, private gardens, a gym, a yoga studio, and a reception area. Construction is slated to begin in July and wrap up in Q3 2026.

Located in Lisbon's Marvila neighborhood, the Formoso Marvila project will renovate a historic wine warehouse into 50 apartments with Tagus River views. Designed by architect Ricardo Bak Gordon, the €30 mln complex is set for a July commercial launch, with construction starting in September/October and completion anticipated by the end of 2026.

Arcoverde New Urban Living is a €105 mln development in Paço de Arcos (Oeiras) that will encompass eight buildings offering 199 apartments with one to four bedrooms. The complex will also include underground parking and commercial spaces. The project is scheduled for a July commercial launch, with construction commencing at the end of 2024. The first buildings are expected to be ready by 2026.

The project is the first partnership in Portugal for Krest Real Estate Investments with Belgian peer Revive.

Claude Kandiyoti, chief servant officer at Krest, said: ‘We look forward to the course of 2024 and the evolution of the Portuguese real estate market, in which we are increasingly involved, through our interaction with local architecture, engineering, and construction partners, as well as local authorities and communities.’

All three projects prioritize sustainability and will be nZEB certified, indicating that they will use very little energy and rely heavily on renewable sources.

With offices in Brussels, Lisbon, and Porto, Krest Real Estate Investments’ portfolio comprises logistics centres, business parks, office buildings, retail, residential, hospitality, and co-living assets across Europe.