Aga Khan buys ex-BPN sites for €80 million Ismaili academy in Europe

 In Development

The Ismaili community in Portugal, which is led by the Aga Khan, has bought a parcel of land in Oeiras, near Lisbon for a reported €4 million for an academy.

The plot, located near the business park Taguspark was sold through Parvalorem, a Government company whose stated aim is to reprivatise the failed Banco Português de Negócios (BPN) which was nationalised by the Portuguese government.

It currently manages non-performing loans and the fixed tangible assets, including land and properties owned by BPN.

Oeiras is the municipal borough that has been chosen by the Aga Khan Network for Development (AKDN) to set up an academy, the first in Europe.

According to the business daily Jornal de Negócios, the deal was struck by Parvalorem, the state company that now holds all the toxic assets from the former BPN bank.

Another national daily, Público has learnt that the investment in the Aga Khan Academy will be over €80 million.

The academy will be a school for children aged 5-17within a project offering excellent standards of education, small classes and teachers from various nationalities.

“We know that we face a challenging future, but as we look at these demands, the Imamate Ismaili will strengthen thanks to its constant and continued partnership with the people and the Government of Portugal,” says Shah Karim al Hussaini, the Prince Aga Khan when he addressed the Portuguese parliament after having chosen Portugal to round off his 60th anniversary celebrations as the Ismaili leader.