Please note, your browser is out of date.
For a good browsing experience we recommend using the latest version of Chrome, Firefox, Safari, Opera or Internet Explorer.

Through our in depth knowledge of the Portuguese markets, Tram 28 identifies, executes and invests in distressed real estate debt and assets in Portugal.



Tram 28 was founded and established by Paul V Taylor a leading investment professional from London. Paul leads the investment strategy in Portugal. Robin Southwell drives our global marketing and sales platform. Rui Apalhão is our senior advisor in Portugal. Rui’s regulated fund management business Fundbox SGFII, SA also provide us with critical compliance and administration services.

  • Structured Financier specialising in distressed real estate debt.
  • 1984-2000: National Westminster Bank PLC culminating in Head of Structured Finance for UK business with responsibility for £35bn balance sheet. At the time youngest ever appointment to UK Board.
  • 2000-2006: CEO Rotch Property Group Ltd where together with the Tchenguiz brothers developed a highly leveraged UK real estate portfolio of £4.5bn from scratch to successful exit.
  • 2006-2010: Formed Three Delta LLP in 2006 in partnership with Qatari Sovereign Wealth Fund who invested £500M. Developed leveraged portfolio of £3bn. Three Delta made an audacious bid for Sainsbury PLC for £15bn backed entirely by Qatar which was ultimately unsuccessful.
  • Since 2010: Researching the Portuguese distressed real estate market, founding the investment platform Tram 28, attracting global investors and investing in partnership with them.
  • Robin was the CEO of Airbus Group in the UK with the Airbus Group since January 2003, initially as CEO of AirtankerLtd during which time he secured the largest military PFI in history with the RAF.
  • Robin’s career has mainly been in the aerospace industry, initially joining BAE Systems upon leaving university in 1981.
  • His early career at BAE Systems included marketing and negotiating contracts for commercial and military aircraft worldwide. He established the Asset Management Organization in the mid-1990s before moving to Australia for three years, during which time the Royal Australian Air Force selected both the BAE Hawk and missile systems from MBDA.
  • Robin is Chairman of Quest Aviation Services, Airbase Group Ltd and On Air Dining.
  • Furthermore, he is a Fellow of the Royal Aeronautical Society, a Trustee of the RAF Museum and Deputy Chairman of Linley Bespoke. He is also a director of Farnborough International Limited and a Governor of Parkside School.
  • Robin was appointed by the Prime Minister, as a UK Business Ambassador.
  • Between 1992 and 2002 Rui was a director of several financial companies controlled by Banco Totta&Açores, today Santander Totta, and Caixa Geral de Depósitos.
  • He left Caixa and founded Fundbox SGFII, SA of which he was Chief Executive between 2003 and 2013.
  • In 2005 he founded FundBox Holdings SGPS, which owns controlling stakes in two fund managers and entered the distressed assets market in 2013 in a joint venture with Tram 28.
  • Rui is a Visiting Associate Professor of Finance at the Lisbon University Institute.
  • He has published two books in Portugal, and his research has appeared in international peer-reviewed journals such as “Applied Financial Economics”, “Financial History Review”, “International Journal of Financial Research” and “ISRN Economics”.


As the oldest serving tram in Lisbon, Tram 28 has become an iconic symbol of the city in its own right. Visitors to Lisbon can explore the city as Tram 28 plies most of the historic sites Lisbon has to offer. It starts its journey in the historic Praça Martim Moniz.

According to legend Martim Moniz was a Knight of noble birth and was a famous figure in the Christian siege of Lisbon during the Reconquista in 1147. At one point during the siege of São Jorge Castle, on seeing the Moors closing the castle doors he led an attack on the doors and sacrificed himself by lodging himself in the doorway, preventing the defenders from closing the door. He was killed in the incident but his heroism secured the invasion and in his honour the entrance was dubbed and remains today Porta de Martim Moniz (gate of Martim Moniz). The English crusader Henry Glanville led the English support of the siege at the behest of the Portuguese King Alfonso which brought about the fall of Lisbon to the crusaders of the second crusade.

Tram 28 is now on another epic crusade in Portugal.



Through our in depth knowledge of the Portuguese markets, Tram 28 identifies, executes and invests in distressed real estate debt and assets in Portugal.

Through our global network of supportive Investors, we originate, execute and manage quality investments always investing ourselves alongside our partners. With current assets under management of some €800M, we have extensive applied experience and an enviable track record of investment in Portugal utilizing a first class structuring and execution capability. We have at our core a strong origination platform. We create and drive value through a proactive asset management philosophy. We are an integrated team comprising skilled professionals in distressed debt/asset investment, development, project management, supported by architects, lawyers, financiers and international sales specialists. This team delivers holistic and dynamic “cradle to grave” management of our assets. We maintain an extensive relationship network at all levels in Government, banks, fund managers and most key stakeholders and influencers in Portugal. We adopt robust compliance and governance procedures at all times and without compromise.

We deliver.

Please contact the team at Tram 28 if you are:

  • Funds or Investors seriously considering investment in Portugal,
  • Developers seeking development opportunities in Portugal,
  • Contractors seeking construction contracts in Portugal,
  • Banks/lenders with credit appetite for Portuguese country risk,
  • Agents seeking sales mandates in Portugal,
  • Prospective in country sales agents with established distribution models in their own country,
  • Retail buyers of land and finished product.


Avenida Engenheiro Duarte Pacheco
Torre 1 – 15º Andar, Sala 2
1070-101 Lisboa, Portugal

T. +351 (21) 3103620

Pares Advogados

Rua Alexandre Herculano, n.º 23 - 2.º
1250-008 Lisboa - Portugal

T. +351 (21) 093 64 04
F. +351 (21) 093 74 07


One Connaught Place, 2nd Floor
London - UK, W2 2ET

T. +44 (0) 20 3053 9222


Fundbox SAVI

Avenida Engenheiro Duarte Pacheco
Torre 1 – 15º Andar, Sala 2
1070-101 Lisboa, Portugal

T. +351 (21) 310 36 20
F. +351 (21) 310 36 29

Instinctif Partners

65 Gresham Street, London,

T.+44 207 457 2031

David Simonson / Neil Mackwood