European property group RE Capital and Real Estate Investment Group (REIG) have acquired a mixed-use development in Portugal.
RE Capital and REIG have teamed up to buy the Oeiras Tech City from Novo Banco for an undisclosed sum.
The Oeiras Tech City project, set on a 93,000sqm site in Oeiras near Lisbon, will have a gross construction area of 82,000sqm, offering a mixture of residential, co-living, services and retail spaces.
Newman Leech, CEO of RE Capital, said: 鈥淥ur vision for Oeiras Tech City is to blend modernity with sustainability, creating a harmonious environment that resonates with the evolving preferences of today鈥檚 urban dwellers.
鈥淭his project truly reflects our passion for delivering exceptional quality and value to our partners, investors, and the communities we develop in.鈥�
Olivier Hezelot, head of Europe at RE Capital, said: 鈥淭he Oeiras Tech City project is a pivotal moment in our European portfolio, showcasing our ability to transform landscapes into thriving ecosystems.
鈥淭his development is more than just buildings; it鈥檚 about fostering a connected and sustainable community, setting new standards for living and working environments in Europe.鈥�
Nuno Santos, head of Portugal at RE Capital, said: 鈥淥eiras Tech City represents the evolution of urban developments, creating a space that is not just a place to live or work, but a thriving community that caters to the dynamic needs of modern society.
鈥淭his project is set to become a benchmark for sustainable and innovative living in the Lisbon Metropolitan Area.鈥�
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