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land Market News: Spanish Real Estate Intelligence

Fidelidade Acquires Feira Popular, in Lisbon
12 December 2018 The sale of the lands that housed the former Feira Popular has finally been completed, on the fourth attempt, yielding more than 270 million euros to the Lisbon City Council’s coffers, more than expected. The Lisbon City Council finally managed to complete the sale of the lands that were home to the former Popular Fair, on Wednesday, on its fourth attempt (after postponing the three previous public auctions). The insurer Fidelidade acquired the three lots and an adjoining plot of land (Avenida Álvaro Pais), which will yield more than 270 million euros to the Lisbon City Council’s coffers, the Observador confirmed with an official source at the Lisbon City Council. The mayor of the municipality, Fernando Medina, announced the deal via tweet, writing that this the sale "a decisive step towards resolving the city of Lisbon’s oldest problems. The 88 million euros will receive about our estimates will be channelled towards strengthening the Affordable Rents Program." The three lots from the Feira Popular were divided between Parcel A, which has an area of ​​11,500 square meters which will become home to commerce, services and a private parking lot. Fidelidade won the auction for the lot with a proposal of 83.1 million euros, well above the bidding base of €46 million. The second parcel, B, which measures almost 60,000 square meters, was also acquired by Fidelidade, this time for €88.3 million, almost twice the minimum of €47.3 million. The third lot, C, with about 13,000 square meters, was sold for €35.4 million. There is a fourth plot of land, on Avenida Álvaro Pais, which Fidelidade also acquired for 35.4 million euros at the Lisbon City Council’s public auction. Three interested parties competed: Fidelidade Property Europe, SA, Dragon Method, SA, and MPEP - Properties Offices Portugal, SA. The project is available on this link (in Portuguese). Original Story: Observador - Edgar Caetano Photo: António Cotrim / Lusa Translation: Richard Turner  
 
Sale of Comporta to Amorim/Port Noir Approved in General Assembly
27 November 2018 Tuesday, the shareholder’s assembly approved the sale of Herdade da Comporta to the Amorim/Port Noir consortium. This Tuesday, November 27, the general assembly of participants approved the sale of Herdade da Comporta to Amorim Luxury and Port Noir Investments, which is owned by the millionaire Claude Berda. Ninety percent of the participating units were present at the meeting. Gesfismo decided to sell two of Herdade da Comporta’s real estate assets to the consortium composed of Amorim Luxury and Port Noir Investments, owned by the millionaire Claude Berda, who also owns Vanguard Properties. At the meeting on Tuesday, a second item had also been on the agenda, initially proposed by Novo Banco and subsequently withdrawn by the same, Negócios learned. This second item involved the participants discussing the content of the proposed sale, instead of simply voting. Rioforte owns 59.09% of the units, while Novo Banco holds 15.46%. The general meeting thus confirmed the sale one day after the Central Court of Criminal Instruction decided in favour of it. The consortium, which is headed by Paula Amorim and Claude Berda, offered €158.2 million for Herdade da Comporta’s two real estate assets, and the contract was signed on October 23. Deloitte provided advice during the sales process. "Today is undoubtedly a very important day for Amorim Luxury in its strategy of growth and positioning as a highest-quality Portuguese Hotel and Lifestyle brand, in particular through its JNcQUOI concept," Paula Amorim said in a statement sent to the newsrooms. "We unconditionally believe in a development model that guarantees the region's sustainability, creates jobs, brings more openness to other people and other points of view, makes a high-quality investment and upgrades the public space," said the executive. Original Story: Jornal de Negócios - Celso Filipe and Alexandra Machado Photo: João Paulo Dias Translation: Richard Turner  
 
Lisnave Shipyard Land Sold to Parpública for 18,000 Euros
27 November 2018 Margueira ended operations with a share capital of 1.379 billion euros, which will be distributed according to the shareholdings of the following shareholders: Parpública (51%), BCP (22.353%), CGD (10.837%), Santander Totta (9.365%), BPI (3.511%), Caixa Económica Montepio Geral (1.098%) and the IGFSS - Social Security Financial Management Institute (1.025%). The former lands of Lisnave, which were held in recent years by the Margueira fund, were sold on October 19 for approximately 18,000 euros to Baía do Tejo, a public company 100%-controlled by the state holding company Parpública. "Using the average of the two independent evaluations that were carried out, the sale/transmission of tangible assets amounting to €18,075 was finalised in an agreement between Margueira and Baía do Tejo, signed on October 19, 2018," the Margueira fund’s liquidation report revealed. The report, which was published on Monday in the Portuguese press, explained that a decree-law was published on October 19, 2017 "defining the mechanisms whereby some of the former lands of the Margueira shipyards leave the public water domain for the State, while others remain in the public water domain, to be granted on concession for private use." From an operational point of view, the main tasks performed during the process of liquidation of the Margueira management company were based on the collection and reassessment of its assets and liabilities, as well as other rights and responsibilities not demonstrated in the management company’s accounts; as well as in the examination, assessment of the market value and the sale/transmission of the tangible assets of the management company, which are, in general, in use by the managing company itself, being a natural recipient of Baía do Tejo (mandated to continue to manage the properties). Margueira ended its operations with a share capital of 1.379 billion euros, which will be distributed according to the shareholding percentage of the following shareholders: Parpública (51%), BCP (22.353%), CGD (10.837%), Santander Totta (9.365%), BPI (3.511%), Caixa Económica Montepio Geral (1.098%) and IGFSS - Social Security Financial Management Institute (1.025%). These shareholders will be entitled to their share of the distribution of the 1.379 billion euros. A 1 to 1.5 billion euro investment in the tourism-related real estate project, Cidade da Água, is planned for the site, which a series of mayors of the municipality of Almada and several national governments have pushed for the Margueira shipyards. Major investors from the European Community, along with the British, Americans, Chinese, Turks, Russians and elsewhere in the world have already shown interest. Transfer to Portuguese state "With this decree, the foundations were created to carry out the transfer of the Fund’s territory to the Portuguese State, which occurred on March 21, 2018, when the transfer of ownership of the property rights for the real estate previously belonging to the Margueira Capital Fund was registered," the report said. The same report added that, on June 26, 2018, "Margueira - Management Company received indications from the General Directorate of the Treasury and Finance - as sole owner of the real estate property formerly belonging to the Margueira Capital Closed Real Estate Investment Fund – was proceeding with the transfer of the management of the territory to Baía do Tejo, SA, and the management company was then able to conclude the liquidation process of the Margueira Capital Fund, with the its subsequent liquidation." Later, on July 6, a contract for an administrative mandate was signed, in which the Portuguese state granted a mandate to Baía do Tejo to "administer and manage the contractual positions - rights and obligations – for the state properties" which, according to the Margueira Fund’s management, "triggered several actions that culminated in the extinction of the Margueira Capital Closed Real Estate Investment Fund on July 31, 2018, whereby the final settlement accounts were delivered to the CMVM [Market Market Commission] August 8, 2018." "Following the extinction of the Margueira Capital Fund, the Margueira Management Company implemented a set of tasks with the objective of starting its final liquidation process," the statement added. More recently, on October 1, after approval of the dissolution of the company at the general meeting held on that date, the Margueira Management Company "entered the liquidation process, and the members of the board of directors became liquidators (... )." The liquidation report for the Margueira Fund added that "with the realisation of the effective transfer of the real estate assets of the Fund Margueira Capital to the ownership of the State, all contractual commitments related to the operational management of the assets ceased, and, after defining the transmission model for the responsibilities of administration and management of the contractual positions constituted on the State's properties to Baía do Tejo, a forecast framework of the main obligations to be observed and the tasks to be carried out was structured, with the objective of concluding the liquidation of the management company by the end of the current year." Original Story: Jornal Econômico - Nuno Miguel Silva Photo: Cristina Bernardo Translation: Richard Turner