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MEET THE TEAM

COMMITMENT | PERSPECTIVE | TRUST

“We select only the coveted locations, driven by innovation to craft industry-defining spaces that honour their surroundings and enrich communities.”

ADRIANO LUCAS

BOARD

Adriano Callé Lucas

CHAIRMAN

Adriano  Lucas

MANAGING PARTNER

Max Bingre

MANAGING PARTNER

TEAM DIRECTORY

With a dynamic and collaborative team, our interdisciplinary and cross-functional expertise encompasses investing, financing, fiduciary finance, urban planning, architecture, development management, sustainability, as well as marketing, sales, and leasing services.
This approach ensures a strategic approach to every development.

Alexandre Almeida

HEAD OF CONSTRUCTION MANAGEMENT

Anabela Silva

HEAD OF FINANCE

Bárbara Andrade

PROPERTY ADVISOR

Elsa Henriques

PROPERTY ADVISOR

Graciano Garcia

HEAD OF SALES & LEASING

Inês Gaspar

OFFICE MANAGER

José Maria Fafe

HEAD OF MARKETING  & DIGITAL STRATEGY

Nuno Cordeiro

HEAD OF INVESTMENT

Vanessa Fragoso Viegas

HEAD OF LEGAL

“Investments follow a thematic approach, driven by our mantra of preserving capital and delivering exceptional returns through trusted partnerships.”

MAX BINGRE

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Adriano Callé Lucas

CHAIRMAN

Mr. Lucas is an architect and urban planner with over 40 years of real estate investment, development and consulting experience. With university background in architecture, urban planning, business administration and real estate valuation, Mr. Lucas incorporated CPU International, a leading real estate services firm headquartered in Portugal, with international remit, in 1983.

Over the years, Mr. Lucas has successfully participated in the development of reference real estate projects, from living to commercial assets, in Portugal, as well as abroad. He holds a Master of Science degree from the London School of Economics, is a Fellow of the Royal Institution of Chartered Surveyors and a Recognized European Valuer.

Adriano Callé Lucas

CHAIRMAN

Mr. Lucas is an architect and urban planner with over 40 years of real estate investment, development and consulting experience. With university background in architecture, urban planning, business administration and real estate valuation, Mr. Lucas incorporated CPU International, a leading real estate services firm headquartered in Portugal, with international remit, in 1983.

Over the years, Mr. Lucas has successfully participated in the development of reference real estate projects, from living to commercial assets, in Portugal, as well as abroad. He holds a Master of Science degree from the London School of Economics, is a Fellow of the Royal Institution of Chartered Surveyors and a Recognized European Valuer.

Adriano Callé Lucas

CHAIRMAN

Mr. Lucas is an architect and urban planner with over 40 years of real estate investment, development and consulting experience. With university background in architecture, urban planning, business administration and real estate valuation, Mr. Lucas incorporated CPU International, a leading real estate services firm headquartered in Portugal, with international remit, in 1983.

Over the years, Mr. Lucas has successfully participated in the development of reference real estate projects, from living to commercial assets, in Portugal, as well as abroad. He holds a Master of Science degree from the London School of Economics, is a Fellow of the Royal Institution of Chartered Surveyors and a Recognized European Valuer.

Adriano Lucas

MANAGING PARTNER

Mr. Lucas has been involved in his family’s real estate ventures and investment bank for the past 19 years. He sits on the board of CPU, a leading real estate services firm headquartered in Portugal, since 2008 and has driven diverse developments in Portugal. He is responsible for sourcing new opportunities, overseeing investments, commercial teams and overall deal execution.

Mr. Lucas worked in investment banking/leverage finance at a leading European Bank in London and New York (Societe Generale Investment Bank), and later co-founded and later sold two consumer retail companies in the USA with significant real estate presence across 9 states. He holds a bachelor’s degree in business administration from Universidade Católica Portuguesa.

Adriano Lucas

MANAGING PARTNER

Mr. Lucas has been involved in his family’s real estate ventures and investment bank for the past 19 years. He sits on the board of CPU, a leading real estate services firm headquartered in Portugal, since 2008 and has driven diverse developments in Portugal. He is responsible for sourcing new opportunities, overseeing investments, commercial teams and overall deal execution.

Mr. Lucas worked in investment banking/leverage finance at a leading European Bank in London and New York (Societe Generale Investment Bank), and later co-founded and later sold two consumer retail companies in the USA with significant real estate presence across 9 states. He holds a bachelor’s degree in business administration from Universidade Católica Portuguesa.

Adriano Lucas

MANAGING PARTNER

Mr. Lucas has been involved in his family’s real estate ventures and investment bank for the past 19 years. He sits on the board of CPU, a leading real estate services firm headquartered in Portugal, since 2008 and has driven diverse developments in Portugal. He is responsible for sourcing new opportunities, overseeing investments, commercial teams and overall deal execution.

Mr. Lucas worked in investment banking/leverage finance at a leading European Bank in London and New York (Societe Generale Investment Bank), and later co-founded and later sold two consumer retail companies in the USA with significant real estate presence across 9 states. He holds a bachelor’s degree in business administration from Universidade Católica Portuguesa.

Max Bingre

MANAGING PARTNER

Mr. Bingre has 19 years of experience in principal investing and investment banking/M&A at global financial institutions (J.P. Morgan | PIMCO Prime Real Estate) across New York, London, Madrid/Lisbon and São Paulo, with a significant real estate and infrastructure track-record. Prior to Zaphira Capital, he served as Head of Investment Coordination for Europe for the world’s largest private real estate investor, overseeing residential activities in Europe; previously Senior Investment Manager across real estate sectors.

He completed the Stanford Executive Program at Stanford University, the Corporate Finance Executive Program at London Business School, and has a Business Administration degree from Universidade Católica Portuguesa.

Max Bingre

MANAGING PARTNER

Mr. Bingre has 19 years of experience in principal investing and investment banking/M&A at global financial institutions (J.P. Morgan | PIMCO Prime Real Estate) across New York, London, Madrid/Lisbon and São Paulo, with a significant real estate and infrastructure track-record. Prior to Zaphira Capital, he served as Head of Investment Coordination for Europe for the world’s largest private real estate investor, overseeing residential activities in Europe; previously Senior Investment Manager across real estate sectors.

He completed the Stanford Executive Program at Stanford University, the Corporate Finance Executive Program at London Business School, and has a Business Administration degree from Universidade Católica Portuguesa.

Max Bingre

MANAGING PARTNER

Mr. Bingre has 19 years of experience in principal investing and investment banking/M&A at global financial institutions (J.P. Morgan | PIMCO Prime Real Estate) across New York, London, Madrid/Lisbon and São Paulo, with a significant real estate and infrastructure track-record. Prior to Zaphira Capital, he served as Head of Investment Coordination for Europe for the world’s largest private real estate investor, overseeing residential activities in Europe; previously Senior Investment Manager across real estate sectors.

He completed the Stanford Executive Program at Stanford University, the Corporate Finance Executive Program at London Business School, and has a Business Administration degree from Universidade Católica Portuguesa.

Alexandre Almeida

HEAD OF CONSTRUCTION MANAGEMENT

Alexandre is a seasoned executive with over 35 years of experience in construction & project management. He has held leadership roles at OPCA, Opway, Obrecol, San José, and Edifer—leading companies in infrastructure and large-scale real estate development.

Over his career, he has overseen the construction of more than 2,500 residential units, 850 hotel rooms, 14 office buildings, several health centres and two hospitals and two retail centres. Alexandre has a degree in civil engineering and an MBA from IESE Spain.

Alexandre Almeida

HEAD OF CONSTRUCTION MANAGEMENT

Alexandre is a seasoned executive with over 35 years of experience in construction & project management. He has held leadership roles at OPCA, Opway, Obrecol, San José, and Edifer—leading companies in infrastructure and large-scale real estate development.

Over his career, he has overseen the construction of more than 2,500 residential units, 850 hotel rooms, 14 office buildings, several health centres and two hospitals and two retail centres. Alexandre has a degree in civil engineering and an MBA from IESE Spain.

Alexandre Almeida

HEAD OF CONSTRUCTION MANAGEMENT

Alexandre is a seasoned executive with over 35 years of experience in construction & project management. He has held leadership roles at OPCA, Opway, Obrecol, San José, and Edifer—leading companies in infrastructure and large-scale real estate development.

Over his career, he has overseen the construction of more than 2,500 residential units, 850 hotel rooms, 14 office buildings, several health centres and two hospitals and two retail centres. Alexandre has a degree in civil engineering and an MBA from IESE Spain.

Anabela Silva

CHIEF FINALCIAL OFFICER

Anabela has 30 years of experience as a CFO, including a decade at Media Capital, a leading Portuguese media group. Since 2004, she has worked at CPU International and Zaphira Capital, focusing on real estate, with a strong track record in accounting, structuring, and investments in Portugal.

She holds a degree in Business Administration and postgraduate qualifications in Strategic and Financial Management from ISCTE.

Anabela Silva

CHIEF FINALCIAL OFFICER

Anabela has 30 years of experience as a CFO, including a decade at Media Capital, a leading Portuguese media group. Since 2004, she has worked at CPU International and Zaphira Capital, focusing on real estate, with a strong track record in accounting, structuring, and investments in Portugal.

She holds a degree in Business Administration and postgraduate qualifications in Strategic and Financial Management from ISCTE.

Anabela Silva

CHIEF FINALCIAL OFFICER

Anabela has 30 years of experience as a CFO, including a decade at Media Capital, a leading Portuguese media group. Since 2004, she has worked at CPU International and Zaphira Capital, focusing on real estate, with a strong track record in accounting, structuring, and investments in Portugal.

She holds a degree in Business Administration and postgraduate qualifications in Strategic and Financial Management from ISCTE.

Barbara Andrade

PROPERTY ADVISOR

Barbara brings over a decade of experience in luxury real estate, specialising in international clients across the Lisbon–Cascais–Sintra region. Her background also includes rental and property management.

She holds a degree in Communication and Cultural Studies from the Catholic University of Portugal and a Master’s in Political Science and International Relations from Nova University of Lisbon.

Barbara Andrade

PROPERTY ADVISOR

Barbara brings over a decade of experience in luxury real estate, specialising in international clients across the Lisbon–Cascais–Sintra region. Her background also includes rental and property management.

She holds a degree in Communication and Cultural Studies from the Catholic University of Portugal and a Master’s in Political Science and International Relations from Nova University of Lisbon.

Barbara Andrade

PROPERTY ADVISOR

Barbara brings over a decade of experience in luxury real estate, specialising in international clients across the Lisbon–Cascais–Sintra region. Her background also includes rental and property management.

She holds a degree in Communication and Cultural Studies from the Catholic University of Portugal and a Master’s in Political Science and International Relations from Nova University of Lisbon.

Elsa Henriques

PROPERTY ADVISOR

Elsa has 13 years of expertise in luxury real estate, specialising in high-end homes and apartments. She has a strong sales record in Portugal, particularly in Lisbon and Cascais, where she built lasting relationships with high-net-worth clients.

She previously worked at Luxus Luxury Real Estate and Private Broker International. Elsa holds a degree in Educational Psychology from ISPA.

Elsa Henriques

PROPERTY ADVISOR

Elsa has 13 years of expertise in luxury real estate, specialising in high-end homes and apartments. She has a strong sales record in Portugal, particularly in Lisbon and Cascais, where she built lasting relationships with high-net-worth clients.

She previously worked at Luxus Luxury Real Estate and Private Broker International. Elsa holds a degree in Educational Psychology from ISPA.

Elsa Henriques

Property Advisor

Elsa has 13 years of expertise in luxury real estate, specialising in high-end homes and apartments. She has a strong sales record in Portugal, particularly in Lisbon and Cascais, where she built lasting relationships with high-net-worth clients.

She previously worked at Luxus Luxury Real Estate and Private Broker International. Elsa holds a degree in Educational Psychology from ISPA.

Graciano Garcia

Commercial Director

Graciano has over 35 years of experience in real estate across Portugal, Spain, and Brazil. He previously headed Development, Sales & Marketing, and New Business at Amorim Imobiliária, overseeing major residential and hospitality projects; and accumulated real estate/infra experience at Corporacion America.

Throughout his career, he has participated in the development of more than 2 million sqm and achieved over €1 billion in sales.

Graciano Garcia

Commercial Director

Graciano has over 35 years of experience in real estate across Portugal, Spain, and Brazil. He previously headed Development, Sales & Marketing, and New Business at Amorim Imobiliária, overseeing major residential and hospitality projects; and accumulated real estate/infra experience at Corporacion America.

Throughout his career, he has participated in the development of more than 2 million sqm and achieved over €1 billion in sales.

Graciano Garcia

Commercial Director

Graciano has over 35 years of experience in real estate across Portugal, Spain, and Brazil. He previously headed Development, Sales & Marketing, and New Business at Amorim Imobiliária, overseeing major residential and hospitality projects; and accumulated real estate/infra experience at Corporacion America.

Throughout his career, he has participated in the development of more than 2 million sqm and achieved over €1 billion in sales.

Inês Gaspar

Office Manager

Inês brings 30 years of experience in office management, including five years at the head office of SIH/Choice Hotels in Portugal. Since 2000, she has been part of CPU International and Zaphira Capital.

Earlier in her career, she held operational roles in hospitality and tourism. She holds a Bachelor’s degree in Hotel Management from Universidade Internacional.

Inês Gaspar

Office Manager

Inês brings 30 years of experience in office management, including five years at the head office of SIH/Choice Hotels in Portugal. Since 2000, she has been part of CPU International and Zaphira Capital.

Earlier in her career, she held operational roles in hospitality and tourism. She holds a Bachelor’s degree in Hotel Management from Universidade Internacional.

Inês Gaspar

Office Manager

Inês brings 30 years of experience in office management, including five years at the head office of SIH/Choice Hotels in Portugal. Since 2000, she has been part of CPU International and Zaphira Capital.

Earlier in her career, she held operational roles in hospitality and tourism. She holds a Bachelor’s degree in Hotel Management from Universidade Internacional.

José Fafe

Head of Marketing & Digital Strategy

Mr. Fafe is a digital marketing executive with over 10 years of experience driving brand and commercial growth across real estate, consumer goods, and healthcare. He leads marketing at Zaphira Capital, focusing on investor engagement, brand positioning, and multi-channel campaigns.

He was previously Digital Lead at Optylon Krea, where he led international campaigns across Europe, the U.S., Brazil, and MENA, and held senior roles at Grupo Azevedos, L’Oréal, LeYa, and Havas, with a strong track record in CRM, media strategy, and digital transformation.

Mr. Fafe holds a Marketing degree from FAAP, studied Architecture at Universidade Lusíada, and completed executive programmes at Google Academy and the University of Illinois.

José Fafe

Head of Marketing & Digital Strategy

Mr. Fafe is a digital marketing executive with over 10 years of experience driving brand and commercial growth across real estate, consumer goods, and healthcare. He leads marketing at Zaphira Capital, focusing on investor engagement, brand positioning, and multi-channel campaigns.

He was previously Digital Lead at Optylon Krea, where he led international campaigns across Europe, the U.S., Brazil, and MENA, and held senior roles at Grupo Azevedos, L’Oréal, LeYa, and Havas, with a strong track record in CRM, media strategy, and digital transformation.

Mr. Fafe holds a Marketing degree from FAAP, studied Architecture at Universidade Lusíada, and completed executive programmes at Google Academy and the University of Illinois.

José Fafe

Head of Marketing & Digital Strategy

Mr. Fafe is a digital marketing executive with over 10 years of experience driving brand and commercial growth across real estate, consumer goods, and healthcare. He leads marketing at Zaphira Capital, focusing on investor engagement, brand positioning, and multi-channel campaigns.
He was previously Digital Lead at Optylon Krea, where he led international campaigns across Europe, the U.S., Brazil, and MENA, and held senior roles at Grupo Azevedos, L’Oréal, LeYa, and Havas, with a strong track record in CRM, media strategy, and digital transformation.
Mr. Fafe holds a Marketing degree from FAAP, studied Architecture at Universidade Lusíada, and completed executive programmes at Google Academy and the University of Illinois.

Nuno Cordeiro

Head of Investment

Nuno Cordeiro has over a decade of experience in real estate and investment banking/M&A, with expertise in capital raising, investment, and financing in Portuguese real estate across asset classes. With a financial institutional background, including BNP Paribas, he joined Zaphira Capital in 2021, where he serves as Director of Investments and oversees operational activities.

Mr. Cordeiro holds a Bachelor’s degree in Business Administration and a Master’s degree in Finance from ESADE.

Nuno Cordeiro

Head of Investment

Nuno Cordeiro has over a decade of experience in real estate and investment banking/M&A, with expertise in capital raising, investment, and financing in Portuguese real estate across asset classes. With a financial institutional background, including BNP Paribas, he joined Zaphira Capital in 2021, where he serves as Director of Investments and oversees operational activities.

Mr. Cordeiro holds a Bachelor’s degree in Business Administration and a Master’s degree in Finance from ESADE.

Nuno Cordeiro

Head of Investment

Nuno Cordeiro has over a decade of experience in real estate and investment banking/M&A, with expertise in capital raising, investment, and financing in Portuguese real estate across asset classes. With a financial institutional background, including BNP Paribas, he joined Zaphira Capital in 2021, where he serves as Director of Investments and oversees operational activities.

Mr. Cordeiro holds a Bachelor’s degree in Business Administration and a Master’s degree in Finance from ESADE.

Vanessa Viegas

Chief Legal Officer

Vanessa brings over 20 years of legal experience across corporate, real estate, and urban planning law. Before joining Zaphira Capital in 2025, she was Legal Director at RECAPITAL and spent over a decade at MULTI Portugal. She has led legal operations in corporate structuring, M&A, joint ventures, compliance, and investment/development vehicles.
Vanessa began her career at Lisbon-based law firms specialising in civil law.

She holds a law degree from the University of Lisbon and postgraduate qualifications in Real Estate Law, Corporate Law, Tax Management, and Leadership.

Vanessa Viegas

Chief Legal Officer

Vanessa brings over 20 years of legal experience across corporate, real estate, and urban planning law. Before joining Zaphira Capital in 2025, she was Legal Director at RECAPITAL and spent over a decade at MULTI Portugal. She has led legal operations in corporate structuring, M&A, joint ventures, compliance, and investment/development vehicles.
Vanessa began her career at Lisbon-based law firms specialising in civil law.

She holds a law degree from the University of Lisbon and postgraduate qualifications in Real Estate Law, Corporate Law, Tax Management, and Leadership.

Vanessa Viegas

Chief Legal Officer

Vanessa brings over 20 years of legal experience across corporate, real estate, and urban planning law. Before joining Zaphira Capital in 2025, she was Legal Director at RECAPITAL and spent over a decade at MULTI Portugal. She has led legal operations in corporate structuring, M&A, joint ventures, compliance, and investment/development vehicles.
Vanessa began her career at Lisbon-based law firms specialising in civil law.

She holds a law degree from the University of Lisbon and postgraduate qualifications in Real Estate Law, Corporate Law, Tax Management, and Leadership.

Ricardo Parrinha

Head of Architecture

Ricardo is an architect with over 30+ years of experience, including work on landmark projects in Portugal—such as the Expo’98 Urban Management team—and in the Middle East.

He holds a degree in Architecture from Universidade Técnica de Lisboa and a postgraduate degree in Real Estate Management and Appraisal from Instituto Superior de Economia e Gestão.

Ricardo Parrinha

Head of Architecture

Ricardo is an architect with over 30+ years of experience, including work on landmark projects in Portugal—such as the Expo’98 Urban Management team—and in the Middle East.

He holds a degree in Architecture from Universidade Técnica de Lisboa and a postgraduate degree in Real Estate Management and Appraisal from Instituto Superior de Economia e Gestão.

Ricardo Parrinha

Head of Architecture

Ricardo is an architect with over 30+ years of experience, including work on landmark projects in Portugal—such as the Expo’98 Urban Management team—and in the Middle East.

He holds a degree in Architecture from Universidade Técnica de Lisboa and a postgraduate degree in Real Estate Management and Appraisal from Instituto Superior de Economia e Gestão.

Pedro Soares Franco

Commercial Director 

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Pedro Soares Franco

Commercial Director 

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Pedro Soares Franco

Commercial Director 

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Nuno Lacasta

ESG Officer 

Nuno Lacasta has over two decades of experience in environmental and sustainability issues, both in Europe and internationally. He served as CEO of the Portuguese Environment Agency (2012–24) and as Manager of the Portuguese Carbon Fund (2007–12), leading major reforms in environmental policy and regulation. In 2024, he joined Zaphira Capital as ESG Officer. Mr. Lacasta holds a Law degree from the University of Lisbon, an LLM from American University’s Washington College of Law, and an AMP from Kellogg Business School/Católica Business School.

Nuno Lacasta

ESG Officer 

Nuno Lacasta has over two decades of experience in environmental and sustainability issues, both in Europe and internationally. He served as CEO of the Portuguese Environment Agency (2012–24) and as Manager of the Portuguese Carbon Fund (2007–12), leading major reforms in environmental policy and regulation. In 2024, he joined Zaphira Capital as ESG Officer. Mr. Lacasta holds a Law degree from the University of Lisbon, an LLM from American University’s Washington College of Law, and an AMP from Kellogg Business School/Católica Business School.

Nuno Lacasta

ESG Officer 

Nuno Lacasta has over two decades of experience in environmental and sustainability issues, both in Europe and internationally. He served as CEO of the Portuguese Environment Agency (2012–24) and as Manager of the Portuguese Carbon Fund (2007–12), leading major reforms in environmental policy and regulation. In 2024, he joined Zaphira Capital as ESG Officer. Mr. Lacasta holds a Law degree from the University of Lisbon, an LLM from American University’s Washington College of Law, and an AMP from Kellogg Business School/Católica Business School.

João Pedro Ribeiro

Head of Project Management

João is an architect with over 30 years of experience, managing design teams and overseeing real estate projects in Portugal and the Middle East. He holds a degree in Architecture from Universidade Lusíada de Lisboa.

João Pedro Ribeiro

Head of Project Management

João is an architect with over 30 years of experience, managing design teams and overseeing real estate projects in Portugal and the Middle East. He holds a degree in Architecture from Universidade Lusíada de Lisboa.

João Pedro Ribeiro

Head of Project Management

João is an architect with over 30 years of experience, managing design teams and overseeing real estate projects in Portugal and the Middle East. He holds a degree in Architecture from Universidade Lusíada de Lisboa.

Gil Serras Pereira

Head of Urban Planning

Gil is an architect with 35+ years of experience in urban planning, development, and project management across asset classes. His expertise spans projects of various scales through all development phases.

Since 2018, he has led Zaphira’s urban planning function. He holds a degree in Architecture from the Technical University of Lisbon.

Gil Serras Pereira

Head of Urban Planning

Gil is an architect with 35+ years of experience in urban planning, development, and project management across asset classes. His expertise spans projects of various scales through all development phases.

Since 2018, he has led Zaphira’s urban planning function. He holds a degree in Architecture from the Technical University of Lisbon.

Gil Serras Pereira

Head of Urban Planning

Gil is an architect with 35+ years of experience in urban planning, development, and project management across asset classes. His expertise spans projects of various scales through all development phases.

Since 2018, he has led Zaphira’s urban planning function. He holds a degree in Architecture from the Technical University of Lisbon.

Inês Valadares  

GENERAL MANAGER | ASSET MANAGEMENT

Inês brings over 20 years of corporate experience, notably at Cofaco Açores, a leading Portuguese group with a portfolio of well-recognised consumer brands. Throughout her career, she has developed strong expertise in management, financial oversight, and commercial reporting. In 2022, she joined Zaphira Capital as Asset Manager, where she focuses on asset performance and value creation across the firm’s real estate portfolio. She holds a degree in Hospitality Management.