In Vilamoura, in the Algarve, there is a property that stands out for its historic character: the Estalagem da Cegonha, a 16th century building that was visited by kings and poets such as Dom Sebastião and Luís de Camões. And now a new chapter in its history is being written: the old building has been acquired by the funds managed by Arrow from the Discovery fund for 90 million euros, a sum that includes its redevelopment. It will house holiday homes, a new luxury boutique hotel and 21 villas.
"Estalagem da Cegonha is an emblematic building in Vilamoura, but also in Portugal. We believe that the building and the land that forms part of it have enormous potential and, for this very reason, we have a unique project for this magnificent infrastructure that is five centuries old," commented John Calvão, principal of the Arrow Global Funds, quoted in a statement.
The purchase of Estalagem da Cegonha includes two plots of land that will be used for tourism and housing:
- the first plot of qualified buildings where a 40-room boutique hotel (main building) will be built and 76 holiday homes will be constructed.
- the second plot will be used to build 21 houses.
When questioned by Lusa about the value of the acquisition, a source from the Arrow group declined to reveal the amount, saying only that an investment of 90 million euros is planned, including the requalification of the space.
Project to attract premium tourism to Vilamoura
"The grounds of Estalagem da Cegonha are particularly important because it is the manor house of the former morgado of Quarteira, acquired in the late 1960s by Cupertino de Miranda, seen as Vilamoura's first visionary," adds João Bugalho, CEO of Arrow Global Portugal.
The purchase of this historic property - managed by Norfin - is also part of Arrow's investment strategy in Vilamoura. "Due to its location, opposite Natura Village, one of the projects being developed by Vilamoura World, and very close to the golf courses, as well as the equestrian centre and the Vilamoura Internationalgio Internacional de Vilamoura, the five-star boutique hotel and the entire project will consolidate the north-western area of Vilamoura and attract a new segment of premium tourism," explains Francisco Moser, CEO of Hospitality at Arrow Global Portugal, quoted in the same document.
In turn, the sale of this historic building is part of the ongoing divestment plan of the Discovery Portugal Real Estate Fund, which has already accumulated 100 million in sales. "Estalagem da Cegonha has benefited from active management initiatives in terms of urban planning and licensing which, together, have contributed decisively to a strong increase in the property's value" and the creation of value for the fund's investors, says the same publication.
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