Paulo Loureiro, a Portuguese real estate entrepreneur and a former executive director at Morgan Stanley in New York, has formed Bondstone, a private equity real estate investment and asset management firm focused on the Portuguese market.
With offices in Lisbon and Porto, Bondstone plans to deploy a total investment of €400 mln by the end of 2021, by co-investing with investors in value-add and opportunistic strategies in the commercial and residential sectors. Its scope will include development, refurbishment and repositioning projects.
CEO Loureiro said: 'I believe this is an opportune time to invest in Portuguese real estate owing to economic growth, strong occupational markets, competitive tax policies and government incentives.
'Bondstone has significant financial backing, a team of experienced Portuguese real estate professionals and a strong track record of generating outstanding performance for investors.'
Bondstone is being bankrolled by Universtone, a global private equity real estate investment and development firm.
Before forming Bondstone, Loureiro focused on developing high-quality residential projects in Lisbon, Cascais and Porto with a total investment of €100 mln and a gross development value of €130 mln through his company, Louvre Capital.
The assets and platform of Louvre Capital, which includes a team of 15 investment and project management professionals in Lisbon and Porto, have been taken over by Bondstone. An additional satellite office in London opened this month.
'Having previously successfully focused on residential development, we have decided to broaden the scope to the commercial real estate sector, where there are compelling opportunities to generate above-average returns from value-add and opportunistic strategies,; Loureiro concluded.
