Real estate firm Sociedade Imobiliaria de Gaia (Simoga) has invested about EUR 60 mln in the purchase of a two-hectare plot of land in Porto, northern Portugal. The company intends to invest about EUR 175 mln on the site to build a mixed-use development, Simoga's commercial manager Maria Massada said in a statement.
Real estate firm Sociedade Imobiliaria de Gaia (Simoga) has invested about EUR 60 mln in the purchase of a two-hectare plot of land in Porto, northern Portugal. The company intends to invest about EUR 175 mln on the site to build a mixed-use development, Simoga's commercial manager Maria Massada said in a statement.
The development will include five buildings comprising a total lettable area of 60,000 m2. The project will house 350 residential units, covering an area of 30,000 m2. The remaining space will provide offices and commercial units, as well as a 7,000 m2 green area. The property group, owned by the bus manufacturer Salvador Caetano, acquired the plot in October 2006, Portoguese newspaper VidaImmobiliaria reported.