Amorim buys Rio Frio land for €22 million

 In Companies, News

Corticeira Amorim has paid Novobanco €22 million for a parcel of land adjacent to an estate by Rio Frio.

The land south of the Tejo includes a number of properties earmarked for forestry and is part of the former Herdade de Rio Frio where Amorim intends to enlarge the planted area for cork oaks.
The sale contract with Novobanco was signed on Wednesday for the purchase of a 1,855 plot of land running alongside the Herdade de Rio Frio for the total value of €22.3 million. The sale was conducted via a subsidiary, Cold River’s Homestead.
According to information sent to the Portuguese stock market commission CMVM, this property includes a number of properties linked to forestry which make up a part of the former estate Herdade de Rio Frio and which runs alongside the properties held by the group headed by António Rios de Amorim.
“Corticeira Amorim intends to improve the productivity of agro-forestry activity at Herdade de Rio Frio, more specifically through the implementation of forestry intensification on this unique estate. This acquisition will permit the land used by the group for forestry to be extended with important gains in scale and operational leverage”, the company states in the CMVM note.
In H1 of 2022 Amorim made profits of €48 million (+20.6% like-for-like) aims to “continue its active share in cultivating new areas of cork oak by purchasing parcels of land, renting land, or forming explorative partnerships”.