CGD sells 111 Douro properties

State bank Caixa Geral de Depósitos has sold 111 properties in the Douro region of Portugal in an online auction for €1.5Bn

The sale includes 73 countryside buildings and 38 urban properties that were sold as one lot that had belonged to the Imoloc Group that had filed for bankruptcy. CGD was the main lender.
The auction was held on August 22 on the platform E-Leilões and the properties covered a total of 571,968m2 in the district of Resende.
The expected price was €1.1Bn and the starting price was €948,666. Imoloc had planned to build a mega-tourism project for two decades but the project was put on ice after a complaint was filed by the Public Ministry that wanted to developed stopped.
In a statement to the press, the Resende Municipal Council said that a large part of the plots of land were in NER (National Ecological Reserves) where construction was prohibited.