Angola: Escom and Camargo Corrêa partenrs in Luanda real estate

6 March 2008

Luanda, Angola, 6 April – Escom, a company of Portuguese group Espírito Santo, has set up a partnership with Brazilian group Camargo Corrêa to build a residential project known as Acquaville in the south of Luanda, the presentation of which took place in the Angolan capital Thursday.

The investment, which is expected to total 60 million euros, is the first partnership between the two groups, although studies are underway for other projects involving both Escom and Camargo Corrêa.

According to the commercial director of Escom-Imobiliária, Paulo Cascão, teh project’s construction is scheduled to begin in May, in a construction area of 22,000 square meters.

The project includes eight tower blocks, each with eight storeys, totalling 148 apartments.

Acquaville is aimed at the high-end market and is located in an area of urban expansion, some 20 kilometers from the center of Luanda and 12 kilometers from the 4 de Fevereiro International Airport.

Speaking to Angolan news agency Angop, Cascão said that the company has other projects in line, including construction of three medium-quality buildings and a further two residential buildings, in Talatona and Benfica. (macauhub)