Purchase and Renting
Call 50 | Tourism and Industry


TF Turismo Fundos-SGOIC, S.A. (Turismo Fundos), within the scope of financial support measures for the industry and the Action Plan “Reactivate Tourism | Build the Future”, launches Call 50 | Tourism and Industry, making available to companies the funding available in the real estate investment funds it manages, allowing access to a financial instrument that is essentially characterized by the sale and subsequent long-term lease of a property with safeguard of the right to repurchase the same.

The said Call will remain in force until Turismo Fundos considers that the objectives of this initiative have been met.


The Call is mainly aimed at

  • Companies that own real estate for tourism or industrial activities (sale and leaseback operations).

Additionally, the following are also eligible

  • Companies that, not being owners of real estate allocated to the tourism activity, propose to invest in its requalification and its subsequent lease (sale, invest and leaseback operations);
  • Companies that, not being owners of real estate not allocated to the tourism activity and located in Low Density Territories (ANNEX III of the Council of Ministers Resolution 72/2016, of 24 November (no. 10 of the RCM), propose to invest in its reconversion for tourism use and its subsequent lease (sale, invest and lease operations).


The Call’s main objective is to provide funding that allows, in particular, investment in the adaptation, upgrading and modernisation of real estate allocated to tourism or industrial activity – or the reconversion to tourism activity when located in Low Density Territories – complying with the purposes of environmental, social and economic sustainability.


Maximum Amount

The operations to be carried out involve the acquisition of real estate for
subsequent letting, up to a maximum amount of €6,000,000. The acquisition price
will correspond to a maximum of 85% of the simple average of the property’s
appraisal value.

Lease Term

Until 15 years.

Buy Option

Exercise of the buy option
The tenant company will be given the option to purchase the property, which may be exercised from the third year of the lease until its expiry.
Depending on the framework of the operation within the real estate funds managed by Turismo Fundos, the option to purchase the property may also be accompanied by an obligation to purchase at the end of the lease term.

Calculation of the buy option
The acquisition price of the property within the scope of the exercise of the buy option (and, if applicable, of the purchase obligation), shall correspond to the acquisition value of the property by the fund, annually updated, on the anniversary date of the contract, in accordance with the homologous variation of the consumer price index published by the National Statistical Institute and, in any case, limited to zero when the variation is negative.
Exceptionally, in the first year of the lease, the calculation of the purchase option value will be updated with a maximum limit of 3%.

Other Contractual Conditions

The tenant company is obliged to take out and cover the costs of multi-risk and third-party liability insurance, as well as bearing all the costs related to the property.
Depending on the framework of the operation within the real estate funds managed by Turismo Fundos, and while the operation remains in force, there may be a need to formalise commitments with the applicant entity, namely in terms of maintaining the level of employment, implementation of economic, social and environmental sustainability measures.

Application of Funds and Investment

The financial resources made available with the sale of the property will be applied to investments in the adaptation, requalification and modernisation of the buildings, while it will also be possible to settle debts with financial institutions and invest in working capital.

Priority will be given to investments that contribute to economic, social and environmental sustainability.

The application of funds for sale and leaseback operations, to be carried out with owners of real estate allocated to tourist or industrial activity, should consider

  • Minimum limit of 20% of the acquisition value for investment in fixed capital, tangible or intangible;
  • Maximum limit of 60% of the acquisition value for debt settlement with financial institutions.

In sale, invest and lease operations (operations in which the proponent is not the owner of the property object of the operation), an investment in the property must be made by the proponent, considering a minimum limit of:

  • 25% of the acquisition value of the property by the fund, in the case of properties currently allocated to the tourist activity;
  • 50% of the acquisition value of the real estate by the fund, in the case of real estate for which the investment consists of its reconversion for tourism use.


  • The annual rent will be paid monthly and will correspond to the application of a 4% tax over the value of the operation. The tax is over the acquisition price (excluding IMT, IS and deed costs).
  • The rent will be updated annually according to the annual rent updating coefficient, foreseen for the urban lease, published annually by Notice in Diário da República. Exceptionally, in the first year of the lease, the rent will be updated with a maximum limit of 3%.
  • For real estate allocated or to be allocated to the tourist activity, located in Low Density Territories (TBD), the application of a rate starting at 2,5%, to be evaluated according to the tourist density, is allowed.

Guarantees to be Provided

Bearing in mind the characteristics of each operation and of the applicant entity, Turismo Fundos will define the amount and type of guarantees to be provided for punctual compliance with rent payments and other obligations to be assumed by the applicant entity.
In the case of sale, invest and lease operations, Turismo Fundos will also require guarantees from the prospective lessee for the effective realization of the investment, such as a deposit guarantee, bank guarantee, trust account, personal guarantee or other guarantees in the amount of the investment in the property.

Eligibility Conditions

Eligibility conditions for bidding companies:

  1. They must have fulfilled all obligations related to their tax and social security obligations;
  2. They are registered in the Central Registry of the Actual Beneficiary (RCBE);
  3. They have no incidents (unjustified) on the map provided by the Central Credit Register (CRC) maintained at Banco de Portugal.

Property eligibility conditions:

  1. To be free of encumbrances or charges (at the date of the implementation of the operation);
  2. Have their land and property registration situation in order
  3. To have a utilisation permit or authorisation, if applicable; – To have an energy certificate (SCE), if applicable
  4. To have an energy certificate (SCE), when applicable
  5. To have a construction permit to be paid for or issued, applicable to properties to be used for tourism activities and located in Low Density Territories.
Review and Decision Processes
  1. The process of examining proposals comprises the following stages:
    a. Analysis of the framework of the proposal submitted;
    b. Real estate valuation of the object of the proposal submitted by at least two expert appraisers, under the terms of the General Regime for Collective Investment Undertakings (RGOIC), approved by Law no. 16/2015, of 24 February;
    c. Communication, to the proponent entities, of the values attributed by the expert appraisers, to the real estate object of the operation;
    d. Assessment of the economic and financial viability of the operation, after confirmation of interest by the proposing entity in light of the value of the operation determined according to the valuations mentioned in the previous point.
  2. In cases in which the proposals do not demonstrate compliance with any of the defined eligibility conditions, Turismo Fundos will inform the proponent entities of the inexistence of conditions for the analysis to continue to the subsequent phases.
  3. The costs of real estate appraisals shall be borne by the applicant organisation, in accordance with the following paragraph.
  4. After notification by Turismo Fundos of the conclusion of the analysis phase of the framework of the proposal submitted, the bidding entities shall make a minimum provision of € 2,500.
  5. Turismo Fundos may request clarifications and additional information about the proposals submitted whenever it deems necessary.
Decision Process
  1. Once the analysis process has been completed, Turismo Fundos shall take the final decision on each proposed operation.
  2. Turismo Fundos shall notify the applicant entities of its decision and, in the event of a favourable decision, the respective conditions.
  3. Turismo Fundos may make its decision subject to the verification of preconditions or confirmation of some of the elements contained in the proposal presented, which shall be identified in the communication referred to in the previous paragraph.

The budget allocated to this Call is EUR 50 million.

Currently, the applications framed in industrial activities are subject to the overbooking regime, i.e., regardless of the framework and viability of the proposed applications, their conclusion will always depend on the existence of sufficient liquidity to carry out the operation


The submission of proposals must be made through an electronic form.

The electronic forms in PDF format can be found here: