Approval granted for one of Portugal’s largest residential-led mixed-use real estate projects

The regeneration of 30 hectares of the old Gas Factory of Matinha, on Lisbon’s riverfront, will see delivered c.2,000 new homes, 120,000 sqm of open green spaces, a new school, various entertainment, office and retail venues, creating over 3,000 direct jobs on an anticipated project GDV of c.2.0 billion euros

Lisbon, 19 December 2024 – Portugal’s leading real estate developer, VIC Properties, has secured permission for the landmark regeneration of Lisbon’s Matinha gasworks, representing one of the country’s largest residential-led mixed-use real estate projects to ever get green-lighted.

The approved masterplan will see the creation of c.2,000 new homes, as well as 65,000 sqm of commercial / office space, 120,000sqm of public green areas along with a new school and various entertainment venues.

First acquired by VIC Properties in 2019, and with a total gross development value of c.2.0 billion euros, the project will see the creation of over 3,000 direct jobs, with the overall funding coming from private capital. 

Situated on the River Tagus, between Parque das Nações and Marvila, the former 1940s industrial site has remained abandoned for over 25 years, disconnecting the city from its waterfront. It represents the last major component of the waterside’s reimagination into a thriving, pedestrian-centric destination and effective extension of the capital city.

As part of the overall process, the existing land will be decontaminated, with the first of the three phases already completed by VIC Properties in 2021. The repositioning of such a large industrial area will allow for the creation of a more sustainable, energy efficient and eco-friendly community, where enhanced accessibility and convenience will truly embrace the “15-minute city” model for all its residents.

The new project builds on VIC Properties’ extensive role in the area’s regeneration over the last six years, which includes the 13-hectare Renzo Piano-designed Prata Riverside Village project that neighbours Matinha gasworks. Due for completion in 2026, with 75% already delivered or under construction, Prata Riverside Village is introducing 830 new homes, 26,000sqm of new retail and leisure space and a new public waterfront park (Parque Ribeirinho Oriente), stretching 600 meters along the River Tagus, which opened in 2020.

João Cabaça, co-founder and CEO of VIC Properties, comments:

“Together with Prata Riverside Village, the Matinha project will complete the largest and most impactful urban redevelopment ever carried out by private capital after Expo 1998 in Lisbon. We are extremely proud to be the driving force behind the transformation of this prime area of Lisbon, delivering almost half of the regeneration of this challenging and forgotten former industrial land, and introducing an entire new neighbourhood to the city while reconnecting it to the Tagus River.

We are looking forward to building on our success of Prata Riverside Village, which is now a thriving community and natural extension of the city of Lisbon.”  

About VIC Properties:

VIC Properties is one of Portugal’s largest real estate developers, specialising in largescale masterplanning, development and regeneration of residential and hospitality-led mixed-use communities. Established in 2018, it has delivered over 400 new homes with a further 200 currently under construction, as part of the Renzo Piano-designed Prata Riverside Village, and has over €1bn of assets under management. Headquartered in Lisbon and led by a highly experienced management team, VIC Properties is a fully integrated real estate platform combining extensive in-house local development expertise, capital market knowledge and wide experience in largescale complex developments.