Varino completes €18M project and announces another €20M project
Varino, a company owned by Madeiran groups Grupo AFA and SOCICORREIA, presented, last Friday, the completion of the “Varino 02” Building, in an investment of €18M that has a commercial space, 30 apartments above ground in types T1, T2, T3 and T4, distributed over 10 floors of a building with energy certification class A, and 4 floors of parking below ground.
The building located at Avenida da República, no. 81, next to Campo Pequeno, has been rehabilitated with the exception of its original construction structure, and has a modern architecture with the application of highly resistant and durable materials, which imply low costs maintenance and upkeep in the future.
With this project, Varino reaches € 55m of investment in the continent, but intends to continue strengthening its position, having announced the start of construction of another building, “Varino 03”, with the same characteristics as Varino 02, which will involve an investment of € 20m.
Varino was founded in 2016, the result of a solid relationship of trust between the AFA Group and SOCICORREIA, whose global investments in housing and hospitality projects amount to € 300m in Madeira and Lisbon.
