Invest in Lisbon Commercial Real Estate: Street Retail and Multifamily Conversions

Disclosure. For US accredited investors under Reg D 506(c). Informational only; not an offer. Any commitment requires accreditation verification, KYC/AML, and execution of definitive documents. Targets are estimates. Capital is at risk.

Invest in Lisbon Commercial Real Estate: Street Retail and Multifamily Conversions

We buy mispriced Lisbon assets where value comes from sensible refurb and clean leasing. Two lanes: daily-needs street retail on proven blocks and multifamily conversions in buildings with strong bones. We run tight capex scopes, realistic permit timelines, and a clear USD FX policy.

Structure: US feeder LP → EU HoldCo → PT SPVs Share classes: USD-hedged and USD-unhedged Focus: street retail • multifamily conversions Reporting: monthly project dashboards

1) Snapshot

Item Outline
Strategy Acquire below replacement cost, fix core systems and interiors, re-lease at market, and hold for income or sell when the spread is worth it.
Street retail Prime/near-prime boxes with daily-needs tenants (grocery, clinics, pharmacies, bankable F&B), sensible unit sizes, real footfall.
Multifamily conversions Layout-friendly buildings with solid structure; 1BR/2BR mixes, balconies/outdoor where possible; heritage constraints priced in.
Debt policy Match tenor to works and lease-up. No debt that nukes cash flow. Fixed-price contracts preferred.
FX Assets in EUR. USD-hedged class uses rolling forwards; unhedged class rides EUR. We disclose carry and roll cost.
Taxes IMT and stamp at purchase; annual IMI while holding. Rehab VAT perks if ARU/eligibility criteria are met.
Liquidity Periodic windows with notice; gates can apply in stress.

2) What We Buy vs What We Skip

We buy We skip
  • Blocks with proven footfall and transit.
  • Buildings with clean title and fixable capex.
  • Retail boxes that fit national or multi-unit operators.
  • Conversions where unit plans actually rent.
  • AL-dependent theses as the core driver.
  • Heroic structural rescues without price offset.
  • Permits that look like a knife fight.
  • Condo assemblies you can’t control.

3) Underwriting Math That Must Work

  • Entry basis: Discount to comps or clear value-add path.
  • Capex: Full survey (MEP, structure, envelope, fire). Fixed-price where possible. Contingency stacked.
  • Rents: Conservative PSF and absorption. No summer-only miracles.
  • Exit: Works at tougher exit caps and realistic timelines.
  • FX: Hedge cost baked into the USD-hedged class numbers.

4) Permits and Capex Control

  • Permit path mapped: What is needed, who signs, how long it actually takes. We assume slippage.
  • ARU/ORU angle: If eligible, we confirm on paper before pricing VAT perks.
  • Bidding: Three bids minimum, line-item schedules, retentions, milestone payments.
  • Oversight: Third-party inspections and invoice checks before release.

5) Leasing and Tenant Quality

  • Street retail: Daily-needs first. Guarantors or chain support where possible. Break clauses that don’t kill value.
  • Multifamily: Rational 1BR/2BR mixes, liveable sizes, good light, outdoor where allowed.
  • Sprints: 30/60/90 plans with weekly totals (outreach, tours, LOIs, signed).

6) Taxes and Transaction Costs (Headlines)

  • IMT + Stamp: Cash hit at acquisition. Modeled in.
  • IMI: Annual municipal tax while you hold.
  • Rehab VAT: Reduced rates possible if criteria are met. We verify before closing.

7) FX Policy and Share Classes

  • USD-hedged: Rolling forwards on forecast EUR cash flows. Carry and roll cost disclosed.
  • USD-unhedged: Direct EUR exposure. More swing, more potential upside/downside.

8) Risks You Should Expect

  • Permits and capex slip. Contingency helps, it doesn’t erase risk.
  • Tenant churn or weaker rents in soft patches.
  • FX moves against USD payers if unhedged.
  • Liquidity is periodic. No forced sales to meet a redemption.

9) Process and Eligibility

  • Confirm accredited status (Reg D 506(c) verification).
  • Receive PPM, structure chart, model, pipeline, and risk factors.
  • Sign subs; fund on call date; reporting starts immediately.
  • Distributions begin after stabilization per class terms.

Want disciplined Lisbon CRE exposure with USD share classes and real controls on capex, permits, and leasing? Request the pack and pick your class.

Request Allocation Start Accreditation

Disclaimers

  • Not an offer or solicitation. Any offer is made only through definitive documents.
  • Targets are estimates, not guarantees. You can lose capital.
  • Eligibility is required before any materials are shared.

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