Portugal to sell off Lisnave land early next year

 In News

The Portuguese State is to sell off parcels of land that belong to the shipping and docks company Lisnave.


Miguel Cruz, President of Parpública, the holding that manages various State property assets, said the state would sell 630,000m2 of building land at Margueira, Almada on the south bank of the Tagus river.

The State will put the land as one lot up for sale in the first quarter of 2019. The site was used as the Lisnave shipyards on the south bank of the Tagus.

The holding company is currently evaluating the plots of land and producing terms of reference which should be completed by the end of the year. It is not known exactly how much the land is worth but the receipts are expected to be used towards reducing the public deficit.

A public company, Parpública has an accumulated debt of €4.5Bn which affects the State Budget for 2017 and 2018. The idea is to eliminate that debt gradually. The debt arose over the last 17 years because of the compensation paid out as a result of 40 privatisation schemes between 2000 and 2017.

So far Parpública has paid off around €1Bn of its debt and the revenues from the current planned sell off of shipyard land should help reduce that overall debt even further.