The Madeira Palácio Residences project, located in Funchal, “was sold for 40 million euros,” according to the Pestana Group’s report. The transaction is part of the package for the former Madeira Palácio Hotel, acquired for a total value of 48.1 million euros.
The statement went on to read:
“This transaction included three components. A real estate component (Madeira Palácio Residences) ready to be sold, in a luxury condominium on the seafront, acquired for 28.8 million euros and was quickly sold to a real estate developer for 40 million euros. A second component concerns the former hotel which will be transformed into 181 apartments for sale, ranging from T1 to T4, acquired for a value of 17.1 million euros and with a total estimated investment cost of 53 million euros, including the acquisition cost. A third component involves the construction of a new hotel with around 160 rooms next to the Pestana Bay, acquired for a value of 2.2 million euros, and with a total estimated investment of 14 million euros, including its acquisition cost.” .