BCP nets €233M from Crow

Millennium bcp, the Portuguese bank led by Miguel Maya, made €233 million from Project Crow, the biggest property deal in Portugal in 2022 which was sold to Davidson Kempner for €850 million and involved assets from ECS Capital held by various banks.

These assets included unit shares in funds and hotels such as the Palácio do Governador in Lisbon and Hilton’s Cascatas Golf & Resort Spa in the Algarve.
In the communiqué Millennium states: “The conclusion of this transaction resulted in a receipt of around €233 million” and “the conclusion of Project Crow had a marginally positive impact of €1.6 million on the (bank’s) annual consolidated results for 2022”.
BCP adds: “In terms of capital ratio (CET1 “fully implemented”) it is estimated that the reduction in exposure to these assets through achieved sales translates into an increase of around 15 base points.
Portugal’s state-owned bank Caixa Geral de Depósitos made €187 million from Project Crow according to the stock market and securities regulator CMVM, while Novo Banco (formerly BES before 2014) bagged revenues of €224 million.
Founded in 2006, ECS, which held the portfolio of assets under ECS Capital, is a venture capital funds assets management and restructuring company, a leader in the private equity market in Portugal.