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Investment & Funds

Residential Letting

More than 6,000 residential units under management, spread throughout the country, via Residential letting funds (FIIAH) launched in 2012-2013, participated by the largest banks operating in Portugal. The Funds’ strategy is based on providing liquidity at attractive rents to the very thin Portuguese residential market and maximising the return of residential assets associated with foreclosure processes (REOs – Real Estate Owned Assets). Norfin has one of the largest REO investment/management platforms in Portugal.


 Fund type   Closed End
 Inception date   2012/2013
 Length: initial+ extension option (years)   8+ up to 5 
 Total invested equity (EUR m)   550
 GAV at Dec 2016 (EUR m)   574.2
 Leverage at Dec 2016 (Debt/GAV)   -
 Risk Profile   Value Add
 Number of residential units   6,194
 Total Gross Lettable Area (sqm)   607,827
 Vacancy Rate at Dec 2016¹   24.6% 

Note1: Fund under ramp up occupation phase. Vacancy rate calculated based on vacant area.