Novobanco bags €70M from real estate sales

Novobanco closed 2023 with the sale of real estate assets worth €70 million with the sale of Arade in Portimão to Lintinvest for €30 million and Cabanas Golf in Oeiras to RE Capital for €40 million.

Says ECO online news, Novobanco had only managed to sell two out of five parcels of land that were included in its Eleanor portfolio and valued at €365 million, representing more than a half of the total value of the portfolio of properties that the bank still has to sell and is worth around €600 million.
At the end of last year a plot of land next to Portimão marina, Arade, was sold to Lintinvest, a developer from Caldas da Rainha for €30 million — the bank’s asking price was €32 million.
A parcel of land next to Tagus Park within the Cabanas Golf development was sold to the pan-European investment company RE Capital in a deal said to be worth between €35 and €40 million.
Novobanco had set a target to sell five parcels of land that were in the Eleanor portfolio by the end of 2023 which according to Volkert Schmidt, CEO of Grupo Novobanco Real Estate was “the bank’s best assets”.
Volkert Schmidt said the Portimão land, which covers 116,000 m2 on Portimão marina, has the capacity to “create a new Portimão” with an outline project to create a retail unit and public garden.
In the case of the 80,000 m2 parcel of land at Cabanas Golf in Oeiras, a project has been approved for tourist apartments, shops, and a golf course.