Israeli invests 180 million in hotels and houses in Gaia

Israeli investors, headed by the Fortera group, start with the construction of a four star hotel in Gaia, where they will also execute the Skyline project – which will have a hotel, a congress center and a multipurpose – and a residential complex of more than 300 houses, to which is added a five star and 200 more houses in the center of Porto.

After providing compulsory military service, he emigrated in search of business opportunities. He passed through the United States, Belgium, United Kingdom, Spain, until he landed in Porto, in 2010, where he started selling remote controlled carts. Two years later, Israeli Elad Dror begins to realize that the city’s real estate market had great potential. In 2015, together with his partner and ex-politician Nir Shalom, he founded the real estate developer Fortera, which focused its investments in the cities of Porto, Gaia and Espinho. “In the last four years, we have completed nine projects, with an investment of approximately 21 million euros, and we invested another 45 million in acquisitions during 2019,” said Elad Dror, CEO of Fortera, to Negócios. Espinho One, an investment of 7.5 million euros in the construction of 38 apartments in this coastal city, Cais da Fontinha in Cais de Gaia, and Boavista One, in Porto, were some of the nine projects already concluded. Now, in the middle of a pandemic, Fortera wants to fly higher and focus on the execution of more ambitious projects. “Right now, we are divesting our small projects and focusing on the big challenges and projects we have in our portfolio,” said Elad Dror. “2019 was a year of rupture, when we made strategic acquisitions – we did it below the market price, which allows us greater flexibility and the capacity to overcome any market fluctuation”, explained the businessman. After providing compulsory military service, he emigrated in search of business opportunities. He passed through the United States, Belgium, United Kingdom, Spain, until he landed in Porto, in 2010, where he started selling remote controlled carts. Two years later, Israeli Elad Dror begins to realize that the city’s real estate market had great potential. In 2015, together with his partner and ex-politician Nir Shalom, he founded the real estate developer Fortera, which focused its investments in the cities of Porto, Gaia and Espinho. “In the past four years, we have completed nine projects, with an investment of approximately 21 million euros, and we have invested another 45 million in acquisitions during 2019,” said Elad Dror, CEO of Fortera, to Negócios. Espinho One, an investment of 7.5 million euros in the construction of 38 apartments in this coastal city, Cais da Fontinha in Cais de Gaia, and Boavista One, in Porto, were some of the nine projects already concluded. Now, in the middle of a pandemic, Fortera wants to fly higher and focus on the execution of more ambitious projects. “Right now, we are divesting our small projects and focusing on the big challenges and projects we have in our portfolio,” said Elad Dror. “2019 was a year of rupture, when we made strategic acquisitions – we did it below the market price, which allows us greater flexibility and the capacity to overcome any market fluctuation”, explained the businessman.

Hotels, congress center and 300 houses in Gaia

This was what happened “in May last year”, with the purchase of land on Rua General Torres, in Gaia, next to the D. Luís I bridge, where it plans to start “in November” with the construction of “a new hotel of four stars, with 64 rooms, which will be explored by a Spanish group”, he said, without identifying the operator. The investment “is around 8/9 million euros and will be ready in the summer of 2023”. And because this city is “one of the main targets” of Fortera, the Portuguese developer of Israeli capital acquired a land of 54 thousand square meters, at the back of the City Hall, and is “in the final stage of acquisition” of another 44 thousand square meters. , “In the most attractive place in the city, with the best views and the best access to all the points of interest in Gaia”, Dror guaranteed, without revealing the location. The first site aims to build the Skyline project, budgeted “at 80 million euros” and which consists of a congress center with 2,500 seats, a five-star hotel with more than 230 rooms and a multi-purpose center, with the planned start of the work to the next year. “The congress center will attract conferences from all over the world and will allow the city to become a center of knowledge, innovation and creativity”, emphasized the businessman. The other land, in a project also budgeted at 80 million euros, is intended for the construction, starting also in 2021, of a residential complex with “more than 300 apartments”, distributed over three towers, to be built “between three to four years”. Meanwhile, in Porto, it will start, still this year, with an investment of 47 million euros in the construction of a hotel and 200 houses.

No covid-19 effects and in high demand

“Although covid-19 has an impact in the short term”, the CEO of Fortera says that the real estate company is “optimistic” regarding its investments in Portugal. “Fortunately, we don’t have any hotels – ours are scheduled for 2023-2024, and we all hope to return to normal until then,” he said. As for the residential segment, he argued that Fortera’s target market, “which is the local market, will continue to have a strong demand for housing in large cities”. Regarding Portugal’s situation in relation to the pandemic, the Israeli businessman considered that, “unlike his neighbors, he has so far managed to avoid total chaos, which is very important for the investors we lead, but above all for the country”.

 

“We look at Vila Nova de Gaia as one of our main targets for the coming years.”

ELAD DROR | CEO of Fortera Properties
 

5 star hotel in Bonfim

In the port area of Bonfim, the Israeli group Fortera expects to move forward soon with the construction of a five-star hotel and a residential complex, in an investment in partnership with the Israelis also Issta Lines and Fattal, which are the largest travel agency and the largest hotel group in the country, respectively. The hotel, which will have 258 rooms and about 16,500 square meters of construction area, will be born on Avenida Camilo, opposite the Alexandre Herculano Secondary School, in an investment of 27 million euros. Nearby, on Rua do Bonfim, Fortera and its partners will invest 20 million euros in the construction of a project with about 200 apartments. “We will start the construction of both projects by the end of this year, to finish in the summer of 2023”, guaranteed CE0 Elad Dror.

Hello real estate with cannabis

Living in Portugal since 2010, Elad Dror, 40 years old and father of five children, lives in Matosinhos. Fortera’s CEO, who attended the University of Tel Aviv, is not just dedicated to the real estate business in Portugal. After starting to sell remote controlled carts (toys) in our country, in 2012, with a partner also Israeli, Beyond Fresh, which owns and operates 19 mobile phone accessories and repair shops, Smart Talk and Dr. Smart. However, among other business projects in Portugal, Fortera Properties is also a partner of the Israeli Together Pharma, a pharmaceutical listed on the Tel Aviv Stock Exchange, which will produce medicinal cannabis in Cantanhede – “we recently received the pre-license from Infarmed (Portuguese regulator of the medicine)”, assured the businessman.