Franco-Moroccan Investor Backs $150 Million Lisbon Apartment Project

The Spanish real estate developer, Kronos Homes, plans to build up to 240 apartments in the Expo district of Lisbon, the capital of Portugal, with an investment estimated at $150 million (130 million euros). According to sources close to the case, the Franco-Moroccan businessman Lahoucine Aourik, known for his large investments in Portugal, will finance a large part of the project, reports Stocks News Feed. However, the amount he will invest has not been specified.

This project will be one of the largest on the Lisbon residential market. It is emerging after a real estate boom in the city in recent years, mainly dominated by the conversion of older and smaller buildings into new apartments. Kronos Homes has purchased an area currently used as a parking lot and will erect 4 new buildings from scratch. In a press release, it announced that construction would begin soon and the first apartments would be available from 2022.