Refundos Explorer, combines the Real Estate presence of Explorer Investments, with more than 10 years of experience in the Portuguese Real Estate Market, with Refundos a CMVM registered Asset Manager created over 30 years ago
Highly experienced in repositioning assets across segments through change of use, refurbishment, dynamic lease management, cost control and hotel management supervision.
Real Estate Market
Some relevant facts
Maxirent was incorporated in 1993 and acquired over 80 assets across segments.
From 2007 onwards strategy focused on office assets and increased leverage.
Maxirent licensed more than 20 projects, repositioned assets with lease up strategies and smart capex, selling 50+ and acquiring new office assets. From 2018 focus on streamlining the portfolio: sale of 20+ assets and concentrating 95% of GAV in 9 assets.
In 2022 the fund was sold to fund was sold to a single investor.
Discovery Portugal Real Estate
Discovery Fund is a Tourism Real Estate fund sourced via direct negotiations with the main Portuguese financial institutions.
Currently the fund has 20 operating units with an Asset Value of circa €1bn, managed by an internal team, or by top tier external managers, such as Six Senses Douro Valley, or Dolce Campo Real.
Discovery is not included in the Refundos Explorer portfolio and is currently managed by Explorer Investments.
Explorer Real Estate Fund I
Acquired in 2017 and 2018 (last acquisition January 2018) with 12 assets mainly value add and core+ office buildings in Lisbon.
Off market transaction through direct negotiation with the seller.
Assets already divested to date with an IRR above 20%, through the sale of 2 portfolios and individual assets.
Refundos Explorer continues to act as Asset Manager for the Buyer of the Falcon Portfolio which includes 3 assets that were transformed into SICAFIs.
Off-market transaction of Penha Longa Resort completed in December 2018.
Penha Longa is a unique destination, set in the middle of a UNESCO World Heritage Site, in Sintra and Cascais. It is known as one of the best and more exclusive resorts in Portugal.
Asset includes the Penha Longa Hotel & Golf Resort and two land plots for the future development of a new Village and a new Hotel; 200-ha resort; five-star hotel of 204 rooms; 2 golf courses (27 holes); 8 F&B outlets – 3 with a Michelin star.
In September 2022 Pedro Seabra and Explorer Investments acquire Refundos and create Refundos Explorer.
Refundos Explorer created and is managing several SICAFIs.
Longstanding presence in Portugal
Refundos Explorer, combines the Real Estate presence of Explorer Investments, with more than 10 years of experience in the Portuguese Real Estate Market, with Refundos a CMVM registered Asset Manager created over 30 years ago.
SGOIC License – Funds and SICAFIs
Our unique platform includes the option to structure CMVM regulated funds and SICAFIs that benefit from the fiscal and regulatory framework for Portuguese RE Funds.
Extensive market knowledge
In-depth knowledge of investors and deal sources including major domestic banks, brokers, corporates and private landlords combined with ability to execute complex transactions and unlock off market opportunities. Extensive experience in Office transactions.
Experienced Real Estate team
Led by Pedro Seabra – one of the most experienced Real Estate professionals in the market with more than €2bn of Commercial Real Estate transactions supervised in Portugal – the team combines a diversified background in investment banking, asset management and project management.
Hands on Asset Management
Highly experienced in repositioning assets across segments through change of use, refurbishment, dynamic lease management, cost control and hotel management; Strong experience in planning and construction licensing procedures.
Successful track record in Real Estate
Explorer is the Investment advisor of the Discovery Fund. Refundos Explorer is the Investment advisor and co- investor of EREF I – a commercial RE fund – and is also asset manager and co-investor of CPHP (Penha Longa); Refundos was the asset manager of Maxirent, a commercial RE Fund focused on Offices for over 30 years.