A Franco-Moroccan plans to invest in real estate in Portugal (240 apartments)
Lahoucine Aourik, a Franco-Moroccan businessman, intends to invest in a large real estate project initiated by Kronos Homes, a Spanish real estate developer. The Spanish developer, Kronos Homes, plans to construct up to 240 apartments in Lisbon’s Expo district, Portugal’s capital, an investment estimated at $150 million (130 million euros). According to sources close to the matter, Franco-Moroccan businessman Lahoucine Aourik, known for his substantial investments in Portugal, will finance a significant part of the project, reports Stocks News Feed.
The exact amount he will invest has not been specified. This project will be one of the largest in Lisbon’s residential market. It comes 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 four new buildings from scratch. In a statement, it announced that construction would soon begin and that the first apartments would be available from 2022.