Sonae involved in multi-million business deal with UK Arrow fund

SC Investments, which is held by Efanor, a holding of the Belmiro de Azevedo family (Sonae Group), has made an agreement to sell its assets in Troia to ACO Cedar, a company owned by the British asset management and funds group Arrow Global.

The value of the transaction has not been made public, but the selling entity – the result of the reorganisation of Sonae Capital – has stated that since to took control of the project in 1999, SC Investments had invested over €300 million in the various tourism projects at Troia.

The sale is subject to a number of regulatory conditions such as the approval of the Portuguese competition authority (AdC) according to SC Investments and Arrow in a joint communiqué.

The operation consists on the acquisition by ACO Cedar (part of the Arrow Group) for the exclusive control of Troia Resort and Aqualuz through the acquisition of all of the respective shares in the target companies which were set up to develop and manage tourism and real estate projects on the Troia peninsula – companies currently integrated into the Sonae Group.

Among the main assets to be sold by SC Investments to Arrow following approval from the AdC are the management of the hotels Aqualuz Troia Mar & Rio and The Editory By The Sea, Troia Resort and Troia Golf, the concession for Troia Marina, including the Atlantic Ferries concession between the peninsula and Setúbal, as well as a number of real estate assets, including those that have development potential.

“This operation is the culmination of the remarkable work carried out over 25 years by SC Investments and associated companies in regenerating Troia.

“Investing in sustainable development on the peninsula has created a tourism project that is recognised in Portugal and Europe, and has attracted the interest of investors from all over the world” says Pedro Bruno, COO of SC investments.

João Bugalho, CEO of Arrow Global Portugal adds that the “development plan for the peninsula will uphold the criteria of excellence and preservation of the surrounding nature as its fits in with the Sado Estuary Natural Reserve and the Troia Botanical Reserve.