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