One-stop shop covering all services.
Building long lasting relationships.
One of the most experienced and well-prepared teams in the Portuguese Market.
One of the leading fund managers in Portugal.


One of the leading real estate asset managers in Portugal.

Part of a renowned, award-winning investment management organization (one of the first players in Portugal)
Consistently amongst the largest and most relevant firms - total portfolio size, with over EUR 1 bln of AuM
Highly qualified and experienced team, with extensive market knowledge and asset management skills
More than 20 funds covering different asset classes and risk

Firm Overview prior to Jan 2019

A new chapter is unfolding in the context of a deep restructuring process. The future will be brighter.

Leveraging on the current market momentum and on improved capabilities from the recent restructuring process.

Espirito Santo Activos Financeiros SGPS, SA, ES Fundos de Investimento Imobiliário, SA and NB Património.
With 27% market share.
NB Logistica, Fundo Arrabida, NB Alta Vista, NB Arrendamento + 12 other funds.
Integration (2013/18)
Integration of 12+ funds from other asset managers.
Foundation of GNB Gestão de Activos SGPS, SA.
Novo Banco aquisition.
A New Start
A New Future with a Clean Balance Sheet.


The team in place combines solid in-house experience with strong expertise in all areas of real estate.

One Stop Shop
Key Attributes
  • Rigorous investment screening and selection process of commercial RE
  • Experienced team with deep industry networking
  • Research-led, risk-adjusted approach, fully customized to clients’ needs
  • Integrated capital markets services in partnership with NOVO BANCO
New business & Investment cycle
Underwriting & Capital Markets
Acquisition & Development
Asset Management
Distributions to Investors
Realization & Exit
New Capital
  • Investors seeking (more) exposure to the Portuguese RE market
  • Opportunity to start new funds
New Funds
  • Mature investment vehicles seeking new management
  • Offer better service and/or pricing
Target Clients
  • Institutional investors
  • Hedge Funds
  • Sovereign Funds
  • Family Offices
Multiple risk-return options
  • High quality yielding assets
  • Stable income w/ moderate upside
  • Repositioning / Redevelopment
  • Development, distressed assets
Lowest risk
Highest Risk

Our Offer

GNB Real Estate is a real estate fund manager company duly registered and supervised by CMVM and Banco de Portugal.
GNB Real Estate is part of GNB Gestão de Activos SGPS, S.A. (former ESAF), the asset management arm of Novo Banco, which is its sole shareholder. Novo Banco is currently owned by Lone Star, who acquired a 75% stake in October 2017.
The management now in-place has brought a renewed and ambitious vision to GNB Real Estate and created the conditions for a successful turnaround. Most of our funds are now delivering positive results, in line with risk-return benchmarks.
GNB Real Estate is structured as a one-stop shop covering all services related to real estate investment management, from origination and underwriting, project development, fund and portfolio management to fully customized property management solutions based on the funds' needs and objectives.
GNB Real Estate offers the benefit of working with one of the most experienced and well-prepared teams in the Portuguese market. The depth and breadth of our capabilities and experience in real estate investment management will maximize fund performance.
We aim to build long lasting relationships with high-profile investors interested in the Portuguese market.
Additionally, GNB Real Estate can provide integrated capital markets services in partnership with Novo Banco.


Completed Operations, Operations in Progress & Income Operations

A few examples:

Edifício Monsanto’s Rehabilitation
Eurostars Museum
Palácio Condes de Murça
Edifício Rosa Araújo 19
Winner of Valmor Award.
Edifício Marquês de Abrantes
Contador Mor
National award for urban rehabilitation in 2006 - Best Residential Intervention.
Campera’s Rehabilitation
Sales Processes

For further information please contact us.


Volkert Reig Schmidt
Chief Executive Officer (CEO)
Chair of the Investment Committee
Ana Paula Marcelo
Chief Financial Officer (CFO)
Nelson Martins
Chief Operating Officer (COO)
Bernardo d’Aguiar Frazão
Head of Funds Management & New Business
Member of the Investment Committee
Clara Silva
Head of Strategic Assets
Member of the Investment Committee
Frederico Pedro Nunes
Head of RE Development
Member of the Investment Committee
Miguel Pereira Pinto
Head of Operations
Member of the Investment Committee
Margarida Rei
Head of Financial Support
Nuno Nascimento
Head of Valuations
Vítor Oliveira
Head of Investment Management
Volkert Reig Schmidt
Volkert Reig Schmidt, Spanish citizen, has joined Novo Banco, in Lisbon, as a Managing Director in 2017, after the bank’s acquisition by several of the Lone Star Funds, and in 2019 as the Chief Executive Officer of GNB’s Real Estate Board of Directors in charge of managing a EUR 2.7 billion REO book. Mr. Reig Schmidt is also the Chair of the Investment Committee.

Volkert has over twenty-years of international experience in M&A, private equity and real estate. Prior to joining Novo Banco, Mr. Reig Schmidt served as a Managing Director for Hudson Advisors, where he was responsible for executing and structuring the acquisition, management and disposal of residential and commercial RE backed NPL portfolios. In that capacity, since 2012 he has managed the sale of over EUR 3 billion worth of real estate assets and has acted as the lead negotiator in the friendly repossession of over EUR 1.5 billion of NPLs.

Prior to his exposure to the NPL world, Volkert practiced law in Madrid, Hamburg, Brussels and in New York advising in cross border M&A transactions in firms such as White & Case, Winston & Strawn and Gomez-Acebo & Pombo. Mr. Reig Schmidt has a Master in Law from the Universidad San Pablo CEU and is admitted to practice in the Madrid Bar Association. Volkert is fluent in Spanish, German and English and has a basic knowledge of French and Portuguese.
Ana Paula Marcelo
Ana Paula Marcelo, Portuguese national, has joined GNB Real Estate Board of Directors as the Chief Financial Officer in January 2019.

Mrs. Marcelo has over twenty-eight years of financial experience in the banking sector at BES/Novo Banco Group and eight years as CFO in different group companies. Since 2017, Mrs. Marcelo is a member of the Supervisory Board of a Venture Capital Firm. Mrs. Marcelo holds a degree in Economics and a Master’s in Monetary and Financial Economics both from University of Lisboa – ISEG. She has advanced training in Recovering and Restructuring Companies from Católica-Lisbon School of Business and Economics, in Taxation from ISCTE Business School and has attended a course for Certified Auditors from the Certified Auditor’s Association in Lisbon. She is also permanent member of the Economists Bar and of the Portuguese Certified Auditor’s Association.
Nelson Martins
Nelson Marques Martins, Portuguese citizen, has joined GNB Real Estate Board of Directors as Chief Operations Officer in January 2019.

Mr. Nelson Martins has over twenty-five years of experience in the banking sector, always within the BES/Novo Banco Group spectrum. Mr. Martins areas of expertize range from organization and quality, business growth, implementation of new IT systems, creation of new business units and process reengineering. Between 2004 and 2018, Mr. Nelson Martins was Head of the Group’s Internal Audit department, covering Portugal and some international business units. Additionally, during ten-years, served as vice-president of the Portuguese Institute of Internal Audit (IIA Portugal), promoting discussion forums on the financial sector.

Mr. Nelson Martins holds a degree in Economics and an executive program in Advanced Executive Management both from University of Lisboa – ISEG and also an executive program in Banking and Corporate Governance from Nova SBE.
Bernardo d’Aguiar Frazão
Bernardo d’Aguiar Frazão, Portuguese citizen, has joined GNB Real Estate in 2018. He serves as Head of GNB Real Estate Funds Management and New Business and sits on the Real Estate Investment Committee.

Prior to this position, Mr. Frazão spent one year at Novo Banco as an Advisor to the General Supervisory Board. Between 2013 and 2017, Mr. Frazão worked as Senior Economic Advisor at the U.S. Embassy in Lisbon, where he was in charge of research and analysis across the main economic and financial issues. He was also the primary liaison with the Portuguese Authorities, including the Prime-Minister Office, Finance Ministry, Bank of Portugal and the Portuguese Debt Management Agency (IGCP).

Before this, Mr. d’Aguiar Frazão spent almost seven years at IGCP dealing room working as a Senior Trader and eighteen months as a FX Sales/Trader at Barclays dealing room both in Lisbon. He started his career as a cost reduction consultant at CRA Executive Consultants Portugal. Mr. Frazão holds a BSc (Hons) in Economics (University of Lisbon - ISEG) and a post-graduation in Finance (Nova SBE). He has also attended several executive programs: including Fixed Income at Católica-Lisbon School of Business and Economics, Leadership course at Foreign Service Institute (FSI) in Frankfurt, an Economic course at FSI in Washington DC/Arlington and Interest Rates Derivatives Intensive Course at Goldman Sachs in London. He received two Mission Honor Awards and the first Local Employee of the Quarter Award during his tenure at the U.S. Embassy.
Clara Silva
Clara Silva, British/Portuguese national, has joined GNB Real Estate as Head of the Strategic Assets in 2018, coming from Hudson Advisors. She sits on the Real Estate Investment Committee. Before this position, Ms. Silva was a Board Member and Head of the Commercial Real Estate & Residential Divison at PRAGMA – Management (which resulted from Chamartín Imobiliária MBO). She was responsible for the accounts of Lone Star and Merlin Properties in their investments in Portugal. Ms. Silva started to work in the Real Estate sector in 2006, at Amorim Imobiliária, the leading Portuguese commercial real estate developer and owner at the time. Their portfolio included some of the most known business centers in Portugal, including Torres de Lisboa, Centro Empresarial Praça de Espanha and Sintra Business Park, as well as the first student housing concepts.

Between 1999 and 2006, Ms. Silva worked at PwC’s Audit Department, providing services to several PSI-20 and international companies, such as Portucel, Xerox Portugal and Walt Disney Company. Clara holds a Business Management degree and a post-graduation in Fiscal Management, both from ISCTE Business School.
Frederico Pedro Nunes
Frederico Pedro Nunes, Portuguese national, has joined GNB Real Estate as Head of Real Estate Development in 2018, coming from Hudson Advisors. He sits on the Real Estate Investment Committee. Mr. Pedro Nunes has over ten-years’ experience in project management and business development across several sectors, including offices, retail, industrial, residential, hospitality and health care. Before this, Mr. Pedro Nunes was Chief Development Officer at Vilamoura World, where he led various new housing and resorts projects.

Between 2010 and 2014, Mr. Pedro Nunes was Head of Real Estate & Project Management at Sacoor Brothers Group, being directly responsible for new construction & remodel projects of retail stores, corporate offices, apartments and luxury hotels in Portugal, Spain, UK, Belgium, Middle East, Singapore and Malaysia. Prior to this, he spent seven years at IDOM as Project Director. Mr. Pedro Nunes holds a degree in Territorial Engineering and a post-graduation in Construction Management from University of Lisbon - IST. He also completed several courses and executive programs, including Project Management Professional (Católica-Lisbon), Executive Management Program and Finance for Non-Financial Managers (both from Nova SBE).
Miguel Pereira Pinto
Miguel Pereira Pinto, Portuguese citizen, has joined GNB Real Estate as Head of Real Estate Operations in 2018, coming from Hudson Advisors. He sits on the Real Estate Investment Committee. Mr. Pereira Pinto has more than twelve-years of experience in the Real Estate sector.

Prior to this position, he spent four years at Deloitte’s Consulting division, coordinating Strategy & Operations projects focused on the Real Estate, Construction & Infrastructures industries, in Portugal and Angola. Previously, Mr. Pereira Pinto worked as Project Manager in various national and international real estate development and asset management companies, including Reúnia and Grupo Lar, assuming functions in best use definition, feasibility analysis, sales coordination and technical management. Mr. Pereira Pinto started his career at Colliers International, where he acted as Real Estate consultant, providing a range of investment analysis and valuation services. Mr. Pereira Pinto holds a Civil Engineering degree from University of Lisbon - IST and a post-graduation in Real Estate Management and Valuation from University of Lisbon - ISEG.
Margarida Rei
Margarida Rei, Portuguese citizen, has joined ESAF/GNB Real Estate in 2000. At the moment, she is the Head of Financial Support. Prior to this position, Ms. Rei worked in financial audit at PricewaterhouseCoopers (PwC Portugal), where she began her career and worked in several areas such as: pharmaceutical, agricultural and industrial market, investment funds and real estate. Margarida Rei holds a Business Management degree (University of Lisbon - ISEG) and two post-graduations: in Management (ISCTE Business School) and in Tax (Catholic University-Faculty of Law).
Nuno Nascimento
Nuno Nascimento, Portuguese citizen, has joined ESAF/GNB Real Estate in 2006. At the moment, he is the Head of the Real Estate Appraisals Unit. Mr. Nascimento previously worked at BIC Bank for ten-years, in the real estate area. He has a degree in Banking Management from the Portuguese School of Bank Management - ISGB and course in Property Valuation from the School of Real Estate Activities - ESAI. He is also registered as a Real Estate Official Appraiser at the Portuguese Securities Market Commission - CMVM.
Vítor Oliveira
Vítor Oliveira, Portuguese citizen, has joined GNB Real Estate as Head of Investment Management in 2018, coming from Hudson Advisors. He has been responsible for structuring and executing Novo Banco’s real estate divestment strategy and for leading the investment strategy of the funds managed by GNB RE.

Mr. Oliveira has over five years of experience in the real estate sector, managing transactions in Portugal and Spain across most asset classes, namely residential, office, and hospitality with a combined value of over €1.5bn. Prior to his current position, he worked in the Capital Markets team at CBRE, advising on some of the largest transactions in Portugal (sell side and buy side roles), and previously in the M&A team at Deloitte.

Mr. Oliveira holds a Master in Finance from Católica - Lisbon.


Contact Us
Rua Castilho 26, 9th floor
1250-069 Lisbon
Tel: (351) 21 381 08 00