VIC Properties and Novo Banco to sell Herdade dos Pinheirinhos

VIC Properties and Novo Banco have reached an agreement to sell Herdade dos Pinheirinhos for a mooted €80 million in a deal that should be completed this week.

According to business daily Jornal Económico, the sale will go ahead for the asset which Novo Banco inherited from Banco Espírito Santo which collapsed in 2014.
The estate comprises a 200 hectare piece of land at Melides in the district of Grândola, in the Alentejo. The project was created by the Pelicano Group which invested around €167 million in the development of two hotels, three tourist villages and four tourist apart-hotels, plus a golf course. The group had then defaulted. BES had been the lender for the project.
In October VIC Properties announced that it was interested in the asset and that an agreement would be announced shortly. VIC Properties told Jornal Económico that: “all its plans were still in place”.
The developer also has other projects underway including Prata Riverside Village and Matinha. Novo Banco is being financially supported in the Herdade dos Pinheirinhos project by Storm Harbour, a financial investor based in London.
VIC Properties has a total volume of development of just under €2Bn and is a leading property real estate developer in Portugal focused on residential properties in large cities, particularly the undersupplied Portuguese residential real estate market.
Its management team consists of CEO João Cabaça, COO Luís Gamboa and CFO Telmo Silva.
Its Prata Riverside Village, designed by the award-winning globally recognised Architect Renzo Piano, is the largest real estate development project currently under construction in Lisbon City centre.
With around 128,000m2 gross construction area and with almost 700 apartments, alongside some unique office spaces and some of the most promising retail concepts in Portugal, Prata Riverside Village benefits from phenomenal breath-taking riverside views given its proximity to the Tagus River.