Bankrupt Soares da Costa to auction HQ online for €6.9 million

The Portuguese bankrupt construction company Soares da Costa, once the largest in Portugal, is to press ahead with auctioning off its headquarters for just under €6.9 million.

The company, which was renamed SdCAA – Sociedade de Construções da Africa Austral – in a bid to continue operations in the African market, is continuing to try to sell property assets that still belong to the company that owes around €526 million to creditors, including €45 million to 1,200 former workers.
Reports Negócios, it was “precisely out of consideration for the workers, and as a question of transparency” that the official liquidator (insolvency administrator) decided to again place the company’s most attractive asset in an online auction.
The North Yard located in Gaia, which had been the company’s headquarters, did not achieve the minimum value of €6.907 million set by the liquidators at a first auction.
“In this auction the estimate has been set a €4.24 million, since there had been one spontaneous concrete offer of €4.5 million with an immediate downpayment of 20% of this amount, but some workers, represented by the Public Ministry, refused to accept the sale” according to a representative.
Now the liquidator sates: “The North Yard is once again up for auction for an estimate price of €8.126 million with a starting price of €6.907 million.
The site covers an area of 72,157 m2 and since April 1, 2021, has been rented by Alberto Couto Alves (ACA) for €21,500 per month through a contact which is up on March 31, 2027,” renewable for equal and successive periods of three years if no party opposes the contact renewal.”