RE Capital and Neworld, a European-domiciled property development company established by South African property development specialist John Rabie, have created a joint venture business named Reward Properties.
Reward Properties offers investors increased opportunities to buy into the attractive Portuguese real estate market.
The two companies began their partnership in 2019, developing residential and mixed-use projects in Lisbon, with Cape Town-based Skybound Capital coming in as the major financier.
The first joint project LX Living, a €90-million, 150-unit mixed-use development in Amoreiras, a sought-after residential neighbourhood in central Lisbon, was launched to investors in South Africa and Portugal in 2019 with great success.
Reward Properties has in its current portfolio two magnificent development sites in the trendy neighbourhood of Marvila in Lisbon, where a total of 300 apartments will be built over the course of the next few years. A recently acquired fourth development site in the Algarve, known for its magnificent beaches and golf resorts, will add another 43 villas to the company’s portfolio. The gross development value of the portfolio amounts to approximately €300 million.
LX Living, Amoreiras