PORTUGUESE GOVERNMENT LEASING OUT HISTORIC CASTLES TO WEALTHY INVESTORS

In a bid to spruce up some of its heritage buildings, the Portuguese government is leasing out abandoned forts, castles and royal palaces to private investors.

The new initiative, named ‘Revive’, is intended to restore and preserve the buildings, many of which are in a dilapidated state due to long neglect and lack of maintenance. Investors will be allowed to turn the buildings into hotels and restaurants, or be run for other tourism-related commercial activities.

Private investors won’t own the properties under the scheme, but leases will be granted for up to 50 years, with the possibility of extension.

The 17th century Convento de São Paulo - one of the heritage properties chosen under the scheme in Elvas, a city that borders Spain - has already been leased out. The Portuguese hotel chain Vila Galé is repurposing it as a four-star hotel.

Contracts have been signed for two properties in Caldas da Rainha and Guarda, while applications for two others are under review.