A Guide to Alternative Investment Vehicles for Global Investors Specialising in Portugal

Portugal has become one of Europe’s most attractive destinations for commercial real estate investment, particularly across retail parks, shopping centres, and hospitality assets. Its appeal lies in a combination of steady tourism, a stable legal framework, and continued infrastructure investment. For global investors, however, accessing these opportunities is not just about selecting the right asset, but also choosing the most effective investment structure.

While direct ownership remains an option, it often brings operational and regulatory complexity, particularly for overseas buyers. As a result, many investors turn to alternative structures that offer greater efficiency, flexibility, and professional management. Real estate investment funds, for example, provide exposure to diversified, income-generating assets without the need for day-to-day involvement. Special Purpose Vehicles (SPVs) are commonly used for acquiring individual assets or portfolios, allowing investors to structure ownership, financing, and exit strategies in a more tailored way.

Portugal’s REIT-style vehicles, known as SIGIs, are also gaining traction, offering a more liquid and transparent route into the market through listed structures. In addition, joint ventures and club deals are increasingly popular, particularly for larger retail and hospitality assets, enabling investors to share risk, pool capital, and benefit from local expertise.

Ultimately, the right structure will depend on factors such as investment size, risk appetite, and desired level of control. For most global investors, success in Portugal comes from striking the right balance between access and efficiency, supported by strong local insight.

At Landom Group, we work with international investors to identify and structure opportunities across Portugal’s commercial real estate sector, with a particular focus on retail and hospitality. By combining local expertise with an international perspective, we help clients navigate the market and unlock long-term value.

For those considering entry into Portugal, taking a strategic approach to both asset selection and investment structure is key to maximising returns and minimising complexity.