Arab Bank Switzerland (ABS) has announced the purchase of the Archway real estate revitalisation project in Lisbon, in a deal that marks the private bank’s debut in Portugal as an investor.
The project, acquired from the American private equity firm Cerberus Capital Management, involves the transformation of two 18th-century Lisbon palaces – the Palácio Calhariz-Palmela, the iconic location of Fidelidade and Caixa Geral de Depósitos (CGD), and the Palácio Sobral – into a 24,000-square-metre five-star luxury hotel and branded residential properties.
“The project will convert prime office space into luxury accommodation, strategically located between the vibrant neighbourhoods of Chiado and Bairro Alto, two of Lisbon’s most sought-after areas. Residents and guests will be very close to the city’s main tourist attractions,” reads a post by ABS on social media.
In the same note, the bank, founded in 1962, emphasises that the acquisition of the project “is in line with ABS’s real estate strategy and the continued growth of its club-deal platform, which favours selective assets, active value creation and trusted partnerships”.
Source: Jornal Económico
