Can you share ATENOR’s current presence in Portugal and its expansion in Europe?

Presently, ATENOR has about 1.3 million square meters under development across ten European countries, with around 40% dedicated to residential projects, 55% to offices, and the remaining 5% to other endeavors. We entered Portugal in 2019 with our first acquisition in Lisbon’s Expo area. Leading the local subsidiary for two years, I’ve relished the experience. Our strategy involves long-term investments in carefully chosen cities, focusing on enhancing their attractiveness by leveraging our expertise and building local teams.

WellBe project in Lisbon’s Park of Nations appears to be thriving. Can you elaborate on its development?

WellBe, our project in Lisbon’s Parque das Nacoes, is set in an area that showcases how industrial land was transformed into a thriving business and residential hub post-1998 World Exposition. This mixed-use space, spanning 30,000 square meters, blends offices and retail. WellBe aims to set new standards in usability and sustainability, pursuing certifications like Passive House, WELL, and BREEAM, marking a milestone as Portugal’s first IWBI pre-certified construction.

How important is sustainability in today’s real estate industry?

Sustainability is pivotal in modern office space development. Large occupiers, both public and private, prioritize sustainability, aligning with the expectations of institutional investors. For two decades, ATENOR has centered on sustainable developments, reflecting UN SDGs and EU Taxonomy guidelines. Our commitment is evident in our sustainability report and the issuance of Green Bonds for financing sustainable projects. Portugal’s office sector is ripe for a robust modernization, aligning with this sustainability trend.

ArchiLab seems to shape the “office of the future.” How do you see this evolving in Portugal?

ArchiLab serves as our ThinkTank, exploring various facets of city life, including architecture, technology, social trends, and sustainability. As we navigate the pandemic’s effects, we’ve witnessed accelerated changes in office sector dynamics. However, the office sector remains relevant, emphasizing the importance of human interaction. Offices will evolve to be more employee-centric, fostering productivity and creativity. Cities remain essential, requiring offices conveniently accessible via public transportation.

What challenges does a new developer face in Portugal’s market?

Adapting to the local culture and navigating the market’s maturity are primary challenges for newcomers. Portuguese culture tends to avoid negative responses, occasionally leading to misunderstandings. Establishing a local team is vital to comprehend the cultural and market nuances. Speculative land transactions and lengthy licensing processes pose hurdles, yet we observe improvements in market practices.

What’s ATENOR’s primary objective in Portugal over the next few years?

In the next phase of our strategy, we aim to contribute to urban renewal programs, transforming obsolete buildings into modern offices. We aspire to play a role in rejuvenating Portugal’s key cities by offering grade A office spaces and revitalizing urban landscapes.

Lastly, what’s your message regarding Portugal’s real estate market?

Portugal, especially Lisbon, has undergone remarkable progress in the past decade, attracting real estate investors and diverse companies. The country now hosts a range of industries, thanks to its educational excellence. Despite its relatively recent globalization, the younger generation is reshaping living and working norms, significantly impacting the real estate market. Portugal holds immense potential, making it an opportune time for investment.