Comporta sale at risk

The multi-million sale of the Herdade da Comporta resort could fall through because of disagreements between the owners and potential buyers.

The owners, Gesfimo, a real estate asset management fund, say they will only go ahead with the sale competition of all the bidders abdicate their right to challenge but one candidate has rejected this stipulation.

The last competition only weeks ago ended without a buyer and now Gesfimo says that it will only launch a fresh competition if the candidates renounce their right to contest the eventual decision taken to sell the property to the selected bidder.

One consortium has already rejected the caveat, Amorim Luxury/Vanguard Properties which has stated that Gesfimo’s condition is “illegal”.

If Comporta is not sold, the estate runs the risk of falling into the hand of insolvency receivers.

“For legal and certainty reasons, a swift and correct completion of the sale process is paramount given the situation of the fund’s (Gesfimo) lack of liquidity. The Management Fund will only open a new process with the prior confirmation that the three consortia which before had presented proposals to purchase the Fund’s assets renounce any right to contest, complain or reject the same” states a letter dated 1 August that was sent to Gesfimo to the bidders for Herdade da Comporta – Special Closed Property Investment Fund (FEIIF).

The land and property assets within the fund are held by the following: 74:55% Novo Banco and Rioforte which have had the assets for sale since the collapse of Banco Espírito Santo in 2016. All attempts at sale have fallen through since then.