In 2019, the Group concluded a shareholder agreement for a 25% investment in a 5,000 sqm residential development project in Lagoa, Algarve, Portugal, consisting of 33 apartments including 35 parking spaces.

Financing for this project is expected to be granted by a local bank. The project qualifies as urban redevelopment and therefore provides for certain attractive fiscal measures. The project is expected to be completed in the first half of 2023. As a result of COVID-19 and the change in residential demand patterns, the Group together with the local architect and co-developer prepared an alternative layout of the building, replacing the larger town houses and penthouses into smaller apartment units, essentially increasing the number of units and decreasing the average size of each.