Comporta sale decision put off until September

The fund that manages the Herdade da Comporta has decided to postpone its decision to whom  to award the sale of the resort until September.

Interested parties now have until 20 September to again present their proposals which now will be mandatorily and legally binding and must be accompanied by proof of financial ability.

The fund shareholders took the decision to postpone the award of sale on Friday at a meeting of it General Assembly. The shareholders will meet next on 28 September which will decide which of the  three bidders will get the two property assets (1,300 hectares) that are for sale.

According to the proposal presented by Novo Banco and Rioforte (who own the assets) to the shareholders on Friday, the postponement is down to a lack of “essential and unequivocal information documents needed to value and rank the proposals received” and the fact that, “none of the offers contemplate all of the assets for sale” neither do they achieve the amounts calculated by the independent land valuers.

Furthermore, the participants state that, “Only by imposing clear, transparent and professional rules can the sale be completed successfully.”

Therefore, between 20 and 28 September, the proposals presented will be submitted to an external auditor.

As part of the sale transaction, three bids were made: one from the millionaire Claud Berda (Vanguard Properties) with entrepreneur Paula Amorim (offering €28 million for the fund plus assuming the CGD debt and loans from DCR&HDC and Lotes das Casas da Encosta – €156.4.

The second bid is from the holding Oakvest controlled by British businessman Mark Holyoake in partnership with the Carvalho Martins family which owns the Portugália steak house restaurant chain and Sabina Estates (€36.5 million for the fund and the assumption of the other debts and loans mentioned above — €155.9 million).

The third bid is from the French aristocrat Louis-Albert de Broglie who is offering €159 million.

 

The bid from Oakvest/Portugália/Sabina Estates was chosen as the frontrunner by Gesfimo – the fund that manages Herdade de Comporta – to be presented on Friday at the general-assembly of fund shareholders but the offer was rejected by shareholders with 80% votes against.

According to Rogério Alves, a lawyer representing Oakvest, the goal posts had been changed and “they (Gesfimo) are frustrated with the result and probably will quit the race to buy the troubled resort asset.