VIC Properties announces new shareholders

VIC Properties, one of the largest real estate developers in Portugal, has announced new shareholders and plans to reinforce the company’s financial structure.

The holding that detains VIC Properties, Aggregate Holdings S.A. has, according to Vida Imobiliária, reached a €650 million agreement to sell 100% of the company’s shares in a transaction with a total Enterprise Value of around €670 million with a group led by various institutional investors and by the current VIC management team.
After the completion of this transaction, VIC Properties will emerge as a company with a more robust and flexible financial structure.
The new investors, led by the AlbaCore Capital Group, Mudrick Capital Management, L.P., demonstrated their long-term commitment to the Portuguese residential real estate market and is proof of it confidence in the current management team led by VIC in its new phase of growth.
As part of its new strategic plan, VIC Properties will receive the significant cash injection so as to speed up the development of its three large residential projects in Portugal: Prata Riverside Village and Matinha – both on Lisbon’s river front — and Pinheirinho between Comporta and Melides.
All told these projects have a combined gross construction area of 570,000 m2 and, after being fully licensed and developed will provide approximately 3,000 new apartments for Lisbon and various residential and tourist properties, including top-quality hotels in the Comporta and Melides region.

Photos VIC Properties – supplied