One-stop shop approach

Our team is available to deliver any real estate investment or management services, from sourcing asset to advisory on acquisition/divestment to day-to-day in-house management of assets, SPV, buildings or condominium through highly competent and dedicated controllers, accountants or property managers.

Our Values

South is a responsible company that praises itself for taking care of its clients and staff with the highest level of attention and professionalism.


Our values are:
  • Excellence
  • Communication
  • Accountability
  • Solidarity

South is a real estate investment & management company with 20 years property and private equity investment experience and highly valuable relationships in the Portuguese market.

Our local expertise was built through 20 years of on-the-ground presence where we gained deep understanding of Portuguese property market dynamics. We offer our partners a value-add approach to investment in the country, with full alignment of interests.

Target transactions include portfolio deals as well as corporate platforms with total equity investments of above EUR 50 million (at the vehicle level).

Track record. Our team has collectively been involved in real estate and private equity transactions totaling EUR 22 billion and is currently managing 215.000 m2 in Lisbon.

Elizabeth Mathieu

Founder & Partner
Prior to founding South in July 2014, Elizabeth was Deputy Chief Investment Officer of Unibail-Rodamco, the second largest commercial property company globally, with EUR 30 billion under management. Based in Lisbon, she led the execution of commercial real estate transactions in Europe and Brazil, the implementation of joint-ventures with investors, as well as the execution of several of the group’s divestitures.
Previously, she acted as Managing Director of New Markets, leading Board-level strategic thinking on the selection of investment geographies and markets. She also led negotiations for shopping center acquisitions across Europe and was responsible for opening new offices for the group.
In 2009 – 2011, Elizabeth was Advisor to Chamartin Imobilìaria’s CEO in Lisbon, in charge of designing the company’s strategic business plan and asset management procedures. This included sourcing, negotiating and managing leasing contracts with international retailers and taking part in Chamartin’s debt restructuring process.
From 2005 to 2008 she was Group Director of Business Development for Unibail’s head office in Paris, acting as project manager for the EUR 22 billion merger with Rodamco and leading the execution of shopping center acquisitions across Europe (EUR 2.3 billion in equity investments).
Prior to that, Elizabeth was an Investment Director at Unibail, managing a prime office portfolio in Paris (EUR 1 billion value) and executing various investment and divestment transactions in Paris and Lisbon.
She started her career at Thelen Reid & Priest law firm in New York and in the legal audit department of Ernst & Young in Paris and Washington D.C.
Elizabeth graduated from ESSEC Business School and is fluent in French, English and Portuguese with intermediate knowledge of German and Spanish. She lives in Lisbon with her husband and three children.

Swan Sallmard

Swan joined South in May 2016 as its General Cousel to focus on all legal and administrative aspects of South’s activities, and became partner in January 2018. Swan continues to oversee contractual relationships for South’s commercial real estate business and transactions, including prospects, due diligence, acquisition, and is more specifically in charge of South’s asset management of its portfolio.
At South, Swan participated in the acquisition of ± 80,000 sq. meters of office buildings in Lisbon through acquisitions of SPV and Funds, and in the management of an office and retail park of more than 215.000 sq. meters. She also provides legal consulting services for international investors with interest in the Portuguese market.
Swan is a French and New-York registered lawyer, with 11 years of experience in international law.
Prior to joining South, Swan worked three years in two Tier-1 Portuguese law firms in Lisbon as a senior international counsel with a focus on energy investments, and acted as legal officer at the French development agency (AFD) for three years, providing legal assistance for financial tools and investments. Earlier, she spent five years in the arbitration department of Shearman & Sterling, based in Paris.
Swan graduated from ESSEC Business School and New York University, and is fluent in French, Portuguese and English with intermediate knowledge of Spanish. She has been living in Lisbon with her husband and two children since 2013.