Savills IM acquires historic Lisbon palaces

Savills IM has expanded its asset management portfolio in Portugal to over €200 mln with the addition of two connected palaces in Lisbon's central Chiado neighbourhood. 

Largo do Calhariz 30, Chiado, Lisbon

Acquired by Arab Bank (Switzerland), the more than 24,000 m2 property, located at Largo do Calhariz, 30, will be repositioned into a five-star hotel with branded residences.
Savills IM will oversee the asset management, with Quest Capital as the development manager. 
The project involves redeveloping the Palmela and Sobral Palaces, which were refurbished in 1997, preserving their heritage facades. The property features three external patios and rooftop views of the Tagus River and Lisbon. The redevelopment aims for the highest LEED certifications, with construction expected to take three years.
Fernando Ramírez de Haro, managing director of Savills IM for Spain and Portugal, said: “We are delighted with the addition of such an iconic building to take our portfolio of assets under management in Portugal to over €200 million. This transaction evidences our strategic commitment to Portugal, a market with huge potential that attracts visitors from all over the world thanks to its lifestyle, pleasant climate and famous gastronomy. This robust, sustained demand has opened up attractive opportunities for real estate asset repositioning. Effective management of such a landmark building to satisfy the changing expectations of visitors, investors, and regulators allows us to offer long-term value for all stakeholders, including the people of Lisbon.”
In addition to the palace transaction, Savills IM has been active in the Portuguese supermarket sector. In December 2025, they acquired two supermarkets in Vila Verde and Montemor-o-Novo, both strategically located and with long-term leases to Continente. These properties were completed in late 2020 and early 2021. This followed their late 2024 acquisition of four other Portuguese supermarkets for their European Food Retail Strategy, also leased to Continente, in Lourel, Leça do Balio, Loulé, and Mafra.