DEVELOPERS
The unique nature of all of Vanguard Properties' and Stone Capital's projects shows that Portugal's real estate sector is in safe hands.


How would you evaluate the company's performance and operations?
JOSÉ CARDOSO BOTELHO We started Vanguard Properties in 4Q2015 to invest in the Portuguese real estate sector. At present, we appraise opportunities across Portugal, though the first deals were concluded in Lisbon and then Algarve and Comporta. We focus on areas where it is pleasant and easy to live with great prospects. We invested in Castilho 203, which is conceivably the most high-end residential building under construction in Lisbon. We will also build the largest residential tower in Portugal, named Infinity, in Campolide, Lisbon. Other than that, we bought three developments in Algarve, one of them, Bayline, located just 50m from a 6-km beach. Moreover, we purchased an amazing 350-ha plot in Muda, Comporta, to develop a 200-plot village surrounded by 42 farms. Each plot is around 5ha, and one can build a house of up to 500sqm. We are the leader of a consortium that signed in September 2018 a sale and purchase agreement to acquire the famous Comporta Dunes and Comporta Links, perhaps the trendiest present and future spot in Portugal and Europe. All together, we have about 1.05 million sqm of construction in Portugal. Our main shareholder is Claude Berda, which is also one of the largest owners of residential apartments and developers in Switzerland.
ARTHUR MORENO My brother and I started Stone Capital in 2011 after realizing there was significant potential to renovate the city center of Lisbon, where many buildings, some of which, located in prime neighborhoods and with beautiful architectural value, were still standing in a poor state. Even though Portugal was in the middle of one of its worst economic crises, we thought that there was still an opportunity to refurbish ill-maintained buildings by focusing on outstanding assets in the best areas of Lisbon, as we have always believed in the inherent value of this type of asset in the long run. This strategy has paid off, and our business has grown successfully and at a rapid pace since. We now have more than 40 projects in different phases representing more than EUR500 million in investments. We launched a couple years before the recent uptrend of the Portuguese real estate market and managed to create a strong brand based on an extensive portfolio of landmark assets. We have set up an excellent team of highly recognized professionals and have gathered invaluable goodwill with the authorities because they have valued our commitment to developing and building beautiful projects since day one.
How would you describe your target market?
JCB In the beginning, we were interested in developing projects for foreigners. Later, with the recovery of the Portuguese economy, locals have become a key segment. Typically, we are approached by Brazilians, French, Swiss, Italians, Turks, and South Africans. We see an increasing number of foreign buyers, namely people who do not just want to invest but want to live here. Increasingly, when people look to relocate, Europe is the only place they are looking at, and Portugal is the popular choice.
What is attractive about the Portuguese real estate market for foreign investors?
AM Portugal offers a great location within Europe and is less prone to some of the social problems that face other parts of Europe. Even though prices have been rising fast, we still see an upside in the market, both in terms of capital appreciation and yields. This is especially true for the products we are focusing on, which are at the higher-end of the market with distinctive characteristics and are therefore safer investments in the long run.
What trends do you identify in the local real estate market, and how do you find solutions in response to shifting demands?
JCB For our most important development, which will be in the Comporta area, people are increasingly careful about sustainability. Therefore, our project is designed taking in consideration three axes: sea, land, and community. On the community side, we want to create jobs, promote local productions and invest in art, culture and education.
AM The upward trend in prime real estate in Lisbon has made it difficult for lower-income households to find affordable living options. To counter this trend, the Lisbon City Hall has prioritized the development of social housing programs. Being aware of our responsibility as developers, we have decided to take part in this initiative and have won the first tender. We are convinced that it is important to have a strong social mix within the city to ensure that Lisbon's authenticity is not lost, and this program is an excellent opportunity to concretely foster this idea.

TABLE OF CONTENTS
Focus: Community of Portuguese Language Speaking Countries
Making an Impact
Established in 1996, the Community of Portuguese Language Speaking Countries (CPLP) is a mechanism geared at linking and sharing the experience of Lusophone countries. Besides Portugal, this includes Brazil, Portugal, Cape Verde, Angola, Mozambique, Guinea-Bissau, and São Tomé and Príncipe.
read articleFocus
Don’t Mind the Disruption
Having won the 2017 Eurovision Song Contest, Lisbon hosted the 2018 event. The relevance? Well, the contest began back in 1956 as a showcase not only of song, but of then-nascent live television broadcast technology. Today, Portugal is on the cutting edge of new technological developments.
read articleInterview
João Pedro Soeiro de Matos Fernandes , Minister , Environment and Energy Transition
The Ministry for the Environment and Energy Transition is focusing on decarbonizing the economy, valuing the territory and its habitats, and striving for a more circular use of the country's resources.
read articleInterview
António Braz Costa , General Manager, Portuguese Technological Centre for the Textile & Clothing Industries (CITEVE)
CITEVE has transformed the industry by promoting value addition, adopting the latest technologies, and ensuring the highest standards of environmental sustainability.
read articleFocus: New airport
Right Time to Seize Missed Opportunities
Portugal has seen its air traffic figures increase by as much as 80% in the last five years. As a result, its transportation infrastructure, and Lisbon's airport in particular, cannot cope with the rising numbers. A new airport project that will turn a military base into a commercial airport is now under discussion to bring much-needed relief to air traffic.
read articleInterview
Germano de Sousa , President, Grupo Germano de Sousa
Grupo Germano de Sousa's success can best be summed up by its understanding that science and medicine only really progress when technological development is combined with a deeper respect for human values and professional ethics.
read articleInterview
Isabel Capeloa Gil , Rector, Universidade Católica
Having pioneered the introduction of multiple subject areas to Portugal's tertiary education scene, Universidade Católica is aspiring to establish the country's first private medical school and introduce cutting-edge digital transformation.
read articleInterview
Carlos Guillén Gestoso , President, Escola Universitária de Ciências Empresariais, Saúde, Tecnologias e Engenharia & President, Atlantica University
Atlantica University differentiates through its company-university model and an MBA program in partnership with the University of California, Berkley, among other initiatives, to produce practical theoreticians.
read articleFocus: Public teaching staff
An Age-old Problem
Over a decade of austerity measures combined with an ageing population have seen the average age of the Portuguese public teaching staff progressively climb to one of the highest in the OECD. With frozen salaries, an extended retirement age, and precarious working conditions, today the sector faces one of its biggest challenge yet.
read articleInterview
Pedro Queiroz , General Manager, Federation of the Portuguese Agri-Food Industry (FIPA)
Portugal's economic recovery has seen its F&B sector emerge with annual turnovers of EUR16 billion, thanks to FIPA's undeterred focus on stable policies, excellent nutrition standards, and sustainability.
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