US fund offers €203 million for Herdade da Comporta

Azul Empírico, which is held by the US fund Davidson Kempner, has made a €203 million offer to acquire Herdade da Comporta, a farming and tourism development located between the districts of Alcácer do Sal and Grândola in Portugal’s Alentejo region.

According to the daily Correio da Manhã, the offer was made formal in June last year (2025) by Azul Empírico, a local company held by Davidson Kempner as part of the case related to the collapse of the Espírito Santo Group (GES).

The intent to purchase is in documents regarding a legal case associated with Banco Espírito Santo.

Herdade da Comporta covers over 11 million hectares on the Alentejo coast and is part of a group of assets linked to GES and is at the centre of an ongoing and longstanding legal case.

The offer was made to the liquidators of Rio Forte, a GES group company that is currently going through insolvency in Luxembourg.

Azul Empírico is LinkedIn to the platform Aquaterra which manages over 7,000 hectares in Alcácer do Sal.

The offer made on June 5, 2025 is non binding and can involve all of the assets or a minimum share of 75% of the company.

SOURCE: Correio da Manhã; Credits: Herdade de Comporta