RE Capital, a European property company started by Newman Leech, and local partner, Real Estate Investement Group (REIG), have sold a majority stake in their Villas Lobo project in the Algrave in Portugal to a local private equity firm.
The new partners will start construction work on the 43-unit project this year with infrastructure enabling about to begin.
Newman set up GMG Real Estate, now called RE Capital, in 2015. The company has added more than €500 mln of investments between 2016 and 2019.
For the latest deal, JLL Development Capital Markets acted for RE Capital under an exclusive mandate.
Leech said: ‘This project represents our entry into the south of Portugal.’
He added new project would be ‘world-class’ residential development in the heart of the Algarve. ‘It is considered one of the most exclusive destinations in Portugal, and the project gives us an opportunity to bring to market a scalable development unlike any other in the area.’
