Subordinate housing financialization: tracing global institutional investment into Lisbon’s urban development

Figures & data

Figure 1. Map of selected large-scale housing projects, under construction (orange) and in planning stages (purple). Source: Compiled by author using Google Maps.

Note: To access the online version of this map with labels: https://www.google.com/maps/d/edit?mid=1DR4bI1qwAAzTRARwXDzcgZppnoNn1Zc&usp=sharing

The map of Lisbon shows projects sprinkled across the city, outside the historic center, with some concentrated in more peripheral areas.

Table 1. A selection of major actors involved in large-scale Lisbon housing development.

Actor name	Year founded	# Units planned	Investment background	Assets under management or other values where available	Other investments and activities
VIC Properties	2018	2600 (2 projects)	Development firm owned by Luxembourg-based Aggregate Holdings, owned in turn by Austrian businessman Günther Walcher.	Value of Portugal developments: €2.5 billion	Aggregate Holdings also invests across core Europe, mainly in Germany. Also the largest shareholder of the Adler Group, one of the biggest real estate firms in Germany, focused on rental properties.
				Aggregate Holdings AUM: €7.9 billion
Solyd	2015	1048 (14 projects)	Partnership between a Lisbon-based consultancy firm and a fund managed by US asset manager Oaktree.	Linked investment fund AUM: €5 billion	Oaktree is the largest distressed securities investor in the world and one of the largest credit investors. Also manages numerous pension funds.
				Oaktree Capital Management AUM: $164 billion
CleverRed	2018	988 (4 projects)	Joint venture between Cerquia, a Spanish real estate developer and Acciona, a Spanish conglomerate focused on infrastructure and renewable energy.	Acciona net income: €352 million	Acciona is present in 30 countries and has completed numerous construction projects globally since the 1990s.
Vanguard Properties	2017	800 (9 projects)	Developer established with investment from Swiss-French family office managed by Claude Berda, via a holding company based in Luxembourg.	Value of Portugal developments: €920 million	Claude Berda is the ex-chairman of AB Group, one of the largest audiovisual companies in France, which he sold in 2017. He is also the largest private investor in Swiss real estate.
				Claude Berda AUM unknown
EMGI Group	2014	710	Chinese multinational with investments in numerous sectors including mining, infrastructure, technology, and agriculture, but which entered Portugal with a real estate focus.	Unknown	Also active in China, Hong Kong, Macau, Australia, Canada and the US.
Reward Properties	2019	489 (3 projects)	Joint venture between Neworld, an investment platform established by South African developer John Rabie, and real estate investment firm RE Capital based in Switzerland. Investment also via Skybound Capital, a global wealth manager headquartered in London.	Skybound AUM: $3.8 billion	RE Capital invests in and develops real estate primarily in the UK, Portugal, Switzerland and Germany.
				RE Capital AUM: over $700 million

Source: author's database compiled from firm websites and other public sources consulted between 2019 and 2021.

Figure 2. Investment behind VIC Properties’ Prata Riverside Village project at the time of data collection. Source: Compiled by author.

A flow chart showing investment originating with a family office in Austria, flowing to Lavinia, B.V. (a holding company in Holland) to Aggregate Holdings (a real estate firm registered in Luxembourg), to Lisfundo (an investment fund registered in Lisbon) and ultimately to the Prata Riverside Village project. It also indicates an ownership relationship with VIC Properties, owned by Aggregate Holdings, and that Norfin is the fund management firm for Lisfundo.

Figure 3. Investment behind Solyd’s Altear project at the time of data collection. Source: Compiled by author.

A flow chart showing investment originating with Oaktree Capital (headquartered in Los Angeles), flowing to investment funds administered by the Oaktree European Principal Group (some of which are registered in the Cayman Islands), to Solyd Property Developer in Lisbon (representing a partnership between Oaktree and Estoril Capital Partners, a Lisbon-based asset management firm), and ultimately to the Altear project.

Table 2. A selection of planned large-scale housing developments in the Lisbon area.

Project	Developer/investor	Parish	Description	# Units	Investment €	Unit sale price €	Market segments (as advertized)
Avenida Alfredo Bensaude	CleverRed	Olivais	Plan to build a new “mini neighborhood” with housing, commerce, services and green zones. (Planning phase.)	500	Unknown - 38 million paid for land	Unknown	'National market'
Tapada do Tejo	EMGI Group	Alcântara	New-build project with 10 buildings including parking, offices and retail space. 25% of housing units to be rented under affordable rent program. (Planning phase.)	550	300 million	Unknown	Middle/“affordable”
LX Living	Reward Properties	Campolide	New-build residential project with swimming pool, commercial spaces, restaurants, parking, private garden. (Construction phase.)	151	90 million	440,000–1.4 million	Luxury/golden visa
Altear	Solyd	Lumiar	New-build project with 10 buildings to include housing, commercial and green spaces. (Construction phase.)	536	200 million	250,000–900,000	Middle/upper
Foz do Tejo (Alto do Rio + Alto do Farol)	Vanguard	Caxias (Oeiras)	New-build megaproject with apartments and houses, offices, commercial space, a hotel, events hall, and publicly-accessible green spaces. (Planning phase.)	425	280 million	Unknown	Middle/upper
Prata Riverside Village	VIC Properties	Marvila	New-build project with 12 buildings, including housing, office and commercial spaces, parking, and green areas. (Construction phase.)	600–700	400 million	410,000–1,030,000	Middle/upper
Matinha	VIC Properties	Marvila	New-build megaproject to include apartments, townhouses, office and commercial spaces, hotels, parking, and gardens. (Planning phase.)	2,000	Unknown	Unknown	Middle

Source: author's database.

Figure 4. New developments in the outer Lisbon parish of Lumiar. Solyd’s Altear project (left) and Hera Residences (right) representing investment from a British fund. Source: Photos by author.

Photo on the left shows several residential towers of around 14 stories each, with some looking mostly completed and some under construction, with a grassy area and cobblestone in the foreground. Photo on the right shows six identical, recently completed residential towers of around 10 stories each, in a row along a cobblestone walkway and grassy area. In both photos there is a lot of empty space, with no commerce or services visible and no person in sight.