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Israeli group Fortera invests € 80 million in Gaia

Israeli group Fortera invests € 80 million in Gaia

 

Project includes a hotel, a congress center and apartments

“The Skyline project is unique and brings together an ecosystem of commerce, services, residential, hospitality and leisure in two buildings”, says Elad Dror, executive director and one of the founders of the Fortera group, of Israeli capital.

The “jewel of the project is a congress and exhibition center that will make it possible to transform Gaia into a central city with facilities for major events and exhibitions”, adds Elad Dror.

The Skyline, which will be served by 600 parking spaces, was designed for Rua General Torres, at the rear of the City Hall of Gaia, on a 26 thousand square meter plot, with the possibility of building 45 thousand square meters above the ground. The project will have two construction phases: a 260-room hotel, which will also have apartments, in a 20-story building. A second phase will be “a congress center for two thousand people, served by a square and shops, to enhance leisure activity”. “In total, there will be 16 thousand square meters of offices and 10 thousand square meters for the residential and commercial area”, adds Elad Dror.

SOUTO DE MOURA ON THE EQUATION

The architecture of the congress center and the hotel must be designed by Souto de Moura, but Elad Dror does not take the choice. “He is one of the most important architects in the country, we are working on the agreement and we will announce the decision soon,” he says. As a guarantee, only that “it will be an emblematic project for Gaia and also for Porto and will bring about a great change, it will create many jobs, placing the region on the map of major world exhibitions and congresses”.

The € 80 million investment “will be supported by equity”, guarantees the administrator of Fortera, which has other investments in the North of the country. With the sale of the square meter between € 3,000 and € 5,000, Fortera expects to deliver 60 more apartments by the end of the year, divided between Porto, Gaia and Espinho. Some of these dwellings “resulted from changes in hotel projects, which were converted into residential units, with greater importance for the external area, with the inclusion of terraces, which are now essential” due to the pandemic.

“We concluded, between 2016 and 2019, nine projects, with a total investment of approximately € 21 million, and we invested another € 45 million in acquisitions during 2019. The total investment we currently have in the pipeline is more than € 250 million”, says . Elad Dror does not fail to criticize the restrictions that are preparing for the gold visa regime. “It is exactly the opposite of what should be done and it will be a disaster for the economy”, he anticipates.

The administrator guarantees that the Fortera group “is ‘unleveraged’, with little bank exposure”, so he predicts that the construction of the Skyline will start as early as 2021, in a work that “will take approximately two to three years to finish”.

DIFFICULTIES UNTIL SEPTEMBER 2021

For the next year, the administrator recognizes that “the first three quarters will be difficult”, but assumes that the attraction of foreign investment can help to move the economy, create business and jobs. “The fundamentals have not changed: the climate, the people, the gastronomy and the security”, he says. For this reason, he guarantees, the group has underway “the preparation of two real estate funds to continue investing in the residential market, street commerce and logistics”.

Among the investments is the transformation of Convento do Carmo, in Braga, which “will be converted into a residential building”, and in Gaia awaits the licensing of three towers to “start a residential project”, he concludes.

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Real estate investments in the north in the midst of crisis

Property investment in the north in the midst of crisis: Israelis bet on building hotels and houses

Headed by the Fortera group, new projects total 180 million euros. Since 2015, nine projects in the same region have been completed.

With close to a dozen real estate projects already completed in the northern region of Portugal, the Israelis of Fortera are betting on the national market, despite the crisis installed due to the Covid-19 pandemic. After having invested more than 65 million euros between the construction of projects and the acquisition of land and real estate, this group is now preparing to fly higher and concentrate on the execution of more ambitious projects, with investments in the order portfolio of 180 million euros.

“Right now, we are divesting our small projects and focusing on the big challenges and projects we have in our portfolio,” said Elad Dror, CEO of Fortera, to Business, detailing that “the year of 2019 was a break, when we made strategic acquisitions – we did it below the market price, which allows us greater flexibility and capacity to overcome any market fluctuation ”.

Regarding the decision to proceed with investments in full pandemic, the manager explains that, “although Covid-19 has an impact in the short term”, the real estate agent is “optimistic” in relation to 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 by then,” he claims.

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”.

New projects in the pipeline

In May of last year, for example, they bought a plot of land on Rua General Torres, in Gaia, next to the D. Luís I bridge, where it is planned to start “in November” the construction of “a new four-star hotel, with 64 rooms, which will be explored by a Spanish group”, the manager also told the newspaper, 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 250 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 to the daily.

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.

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 CEO Elad Dror.

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180 million in hotels and houses in Gaia

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.