OptylonKrea, a leading Portuguese real estate developer and asset manager and Stag Fund Management, jointly announced the acquisition of a 7,000 sqm asset in Alfama, steps away from the Lisbon international cruise terminal and Santa Apolonia station, to be rehabilitated into an apart-hotel under its hospitality brand Prima Collection.
Designed by award-winning architect Saraiva & Associados, Terminal K will bring back to life a 7,000 sqm XIX century industrial/residential site into a new lifestyle destination part of the Prima Collection serviced-residence brand. This flagship apart-hotel complex will host about 74 lifestyle serviced-residences with access to an interior courtyard and an exclusive rooftop pool with breathtaking views of the Tagus river. NEXT Capital Fund, managed by Stag Fund Management, outright acquired a 1,000 sqm retail area located on the ground floor to be rented to flagship retail brands.
This acquisition, consisting of OptylonKrea’s 13th investment in Portugal, confirms the Group’s confidence in the Portuguese real estate market and optimism towards the post-Covid economic recovery.
“We are incredibly pleased with the conclusion of this agreement which I believe is a great addition to OptylonKrea’s portfolio and to our ever-growing Prima Collection lifestyle serviced-residence brand. With the building’s excellent location, just a few meters from the newly built cruise terminal, combined with the promising recovery of touristic activities in Portugal in 2022, we felt the timing was ideal for this acquisition” mentioned William Tonnard, President & COO of OptylonKrea. “With this structuring project, we are aiming at improving the hospitality offer and raising the quality of service in the city, while also bringing new life to this arising area rich in history” he concluded.
Recent changes in customers’ travelling habits and the popularization of remote working instigated by the pandemic, will have long-term impacts on the hospitality industry. As a result, OptylonKrea seized the opportunity to review its serviced-apartment brand Prima Collection, born in Lisbon, and adapt it to new market’s specificities, prior to the brand’s Mediterranean expansion (targeting to reach 25 locations in the next 5 years). We decided to reposition our brand, to serve not just travelers but expats and locals looking for co-living and co-working experiences” mentioned Hakan Kodal, Chairman of OptylonKrea. The brand, repositioned under the consultancy of Servotel, is now being redesigned by award winning creative and design agencies Blacksheep and AvroKo, as the life companion with tailor-made services curated around business, leisure and lifestyle.
Optylon Krea is a Pan-Mediterranean real estate development and investment management company which was created through the joint-venture between the Istanbul-based Krea Real Estate and Optylon Group (Portugal) in 2019. The companies’ combined track record of €1.7 Billion investment is the result of 31 judicious investments – residential, mixed-used projects and shopping centers – taking place in 8 different cities throughout Portugal, Turkey and Romania. Optylon Krea cumulates over 890,000 square meters of footprint and is aiming at securing an additional €300m worth of new investments in 2021-2022, while also targeting new markets.
Stag Fund Management SCR, S.A. is a management company of Private Equity and Venture Capital Funds. The company is registered and subject to supervision by the Portuguese Securities Market Commission (CMVM). Stag Fund Management is part of the wider Dixcart Group, an independent firm of international wealth advisers established in 1972. Stag currently manages 7 Private Equity Funds focused on investing private equity, from countries across the world, mainly into Portuguese companies. STAG´s team of professionals have more than 70 years combined experience in dealing with private equity, corporate restructuring and corporate finance.