Just months after acquiring property developer Nexity Portugal, the UK fund Orion Capital Managers has revamped the brand as Vizta and unveiled ambitious expansion plans for 2024.
Vizta inherits Nexity's strong presence in Lisbon, Porto, and Algarve, but with a fresh focus on creating a wider range of affordable housing in vibrant, cosmopolitan cities.
Within a short timeframe, Vizta snapped up a 400-home project in Greater Porto and is actively seeking further acquisitions. Their current portfolio boasts one completed project, three ongoing developments, and eight projects in the pipeline, totaling over 1,500 homes. This pipeline is expected to significantly expand in 2024.
Fernando Vasco Costa, CEO of Vizta, commented: ‘The entry of the new shareholder and the change of brand to Vizta further reinforce our purpose of “Creating a City for All”. We have a strong and experienced team, we want to grow and go further, creating a greater supply of housing for different lifestyles. To achieve this, we look for more opportunities to achieve our ambition.’
Gauthier Renaud, partner at Orion Capital Managers, added: ‘The robust foundations of the Portuguese real estate market and the scarcity of supply capable of facing rising interest rates and construction costs create an opportunity for experienced developers to offer housing that preserves favorable parameters, both in terms of prices, as well as profitability. The Vizta team is well positioned to capitalize on this market dynamic.’
Orion Capital Managers sees a lucrative opportunity in Portugal's resilient real estate market and scarce housing supply.
Additionally, the fund is also investing €140 mln in the redevelopment of the Oriente Green Campus in Parque das Nações, managed by Norfin SGOIC.
Operational from Q1 2024, Oriente Green Campus will have a total office area above ground of 41,100 m2, spread over four open space floors, and will receive around 3,500 people. Users will have access to a food court, a fully equipped gym, and an auditorium with 175 seats.
The development will also feature 18,700 m2 of outdoor areas and green spaces, complemented by three underground floors with 55,800 m2 for 1,667 parking spaces, including for electric vehicles, bicycles, and lockers for deliveries.
