Vanguard sells The Shore Residences to funds managed by Arrow
Vanguard Properties has completed the sale of The Shore Residences development next to Quinta do Lago in the Algarve.
The sale was managed by DILS and Quinta Properties. The sale is part of Vanguard Properties’ optimization strategy which includes selling tourism assets in favour of a greater focus on its main residential real estate assets.
It is the first major change since José Cardoso Botelho, who left the premium property development company founded by Claude Berda, in September. The company is now run by his son Alexandre Berda.
The Shore Residences are located just five minutes from the beach between the Quinta do Lago and Vale do Lobo super luxury gated communities that are the anchor projects in the region’s Golden Triangle.
The premium project comprises 21 one-four bedroom apartments. The existing project has full planning permission for the existing buildings to be converted into an exclusive complex of 19 tourist apartments made up of four one bedroom, eight two bedroom, six three bedroom and two four bedroom apartments.
According to Alexandre Berda, Chairman and CEO of Vanguard Properties, “this operation falls within Vanguard Properties’ Portfolio Optimization and Management Plan which involves a focus on the main residential projects”.
He also said it was the latest project that Vanguard Properties had under development in the Algarve region.
“Our focus was to maximize the value of this tourist and residential asset in the Algarve, by anticipating its potential and integrating it into a competitive process with several investors,” says Gonçalo Santos, Head of Development at Living and Capital Solutions. “
Since the beginning of the mandate, a plan has been drawn up to position The Shore with investors focused on tourist and residential real estate in the Algarve. The traction confirms the strong interest in the tourist asset class in this region,” says Gonçalo Ponces, Head of Hospitality, Living and Natural Capital at Dils.
The three adjacent plots have approved architectural designs for the construction of premium detached villas, with areas ranging from 98 m² to 461 m² and typologies from 1 to 5 bedrooms. The projects were developed by the Saraiva+Associados studio, with building permits ready to be issued.
