Amorim Luxury and Vanguard separate assets

 In News, Real Estate

Vanguard Properties and Amorim Luxury have signed an agreement to separate their shareholdings in the luxury tourism project Comporta which has been dubbed Portugal’s answer to the Hamptons.

The parting of assts has been done via a transaction by the company that was set up in equal parts by the two companies – Percentage Impecável according to the newspaper Jornal Económico.
In 2019, the two companies formed a consortium to purchase tourism assets which belonged to the Herdade de Comporta Special Closed Real Estate Investment Fund, Comporta Links and Comporta Dunes.
Now, 50% of Percentagem Impecável will be sold to Vanguard. Amorim Luxury will receive €5million and the restaurant concession at Praia do Pego, Carvalhal, the respective parking, and a 100 hectare ring of forestry stretching from the Sal restaurant to parcels of land which are owned by Amorim Luxury.
According to ECO online news, this agreement is subject to the approval and confirmation of the lending bank Caixa Geral de Depósitos.