Novo Banco industrial sale largest of the year
Novo Banco has sold the old premises of Lisgráfica on an industrial park at Queluz de Baixo in Oeiras.
In what has been called the industrial sale of the year, the 48,000m2 Gross Construction Area site
is set within a huge 105,000m2 plot of land. The property was acquired by a national investor who operates in the content area, for their own personal use.
The amount of the sale has not been disclosed. Novo Banco was resented in the sale by property consultants CBRE through its Industrial and Logistics department.
Nuno Pereira da Silva, director of this department states in a communiqué that “CBRE has once again merited the confidence of Novo Banco for the sale of an asset with demanding challenges in the industrial sector. An aggressive commercial strategy was set in order to drive the deal through, while meeting the goals set out by the client.” In other words, a hard bargain was driven and it was sold at a very reasonable price.
At the end of 2020, the editors Baker Tilly representing Lisgráfica, a large printers, raised serious doubts as to the company’s capacity to survive even after a restructuring plan. The company closed that year owing €3 million in debts, although this was below the €5.4 million it had owed in 2019. However its equity was €19.4 million negative after “a significant reduction in sales and services” when a Recovery Plan was underway as part of the firm’s insolvency proceedings.