Real Estate Investor Magazine South Africa June/ July 2019 | Page 58

OFFSHORE
European development company
launches with
R1.4 billion project in Lisbon
Offshore investment in Portugal may open doors for a Golden Visa for locals
BY RABIE
J
ohn Rabie, one of South Africa’s most successful property
developers, has recently embarked on a substantial new
venture in Portugal.
In a joint venture with Geneva-based GMG Real Estate,
Europe-domiciled Neworld (the new operational body that
will spearhead Rabie’s residential and mixed-use developments
beyond South Africa) is leveraging home grown expertise to
create a brand-new, €90-million (over R1,4 billion) residential
and retail development in the historic heart of Lisbon,
Portugal.
In an official statement Rabie explains why they have
chosen to create the development in Lisbon.
“Lisbon has so much to offer. An enchanting city with a
wonderful climate, zero crime and plenty available for the
growing tourist market. We feel very confident that we are
at the right place at the right time and that we will be able
to offer our investors the capital growth and returns that they
have rightfully come to expect from us over the many years we
have been in the property development business.”
The mixed-use development, named LX Living, will
comprise 151 apartments, 1341m² of retail space with shops
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JUNE/JULY 2019 SA Real Estate Investor Magazine
and restaurants. This includes an additional seven above-
ground residential floors and 187 underground parking
spaces. It will be situated in one of the most sought-after and
convenient locations in Europe’s sunniest capital.
Neworld’s partner GMG Real Estate, has an impressive
track record of investment and value creation in urban mixed-
use real estate in the United Kingdom, Switzerland, Germany
and Portugal.
Since inception, GMG and its partners have transacted on
29 successful developments representing a market value of
approximately €2 billion. The opportunity to joint venture with
GMG Real Estate was the important trigger for establishing
Neworld.
“We have always understood the importance of identifying
the right partners to work with in a project of this nature. We
feel honoured to have been invited to team up with GMG
on this first project. They are like minded people with a great
reputation and excellent track record,” said Rabie
Head of GMG Real Estate, Newman Leach expresses
his excitement in the joint venture. “We are thrilled to be
developing this project with John Rabie and his Neworld