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Chinese Group Interested in Lagoas Park
19 February 2018
The China Recycling Energy Corporation is one of the investors interested in buying Lagoas Park, the office centre owned by the conglomerate Teixeira Duarte, according to the online publication ECO.
Sources in the sector, quoted by ECO, said the deal could be valued at more than 300 million euros, although the company has not confirmed this amount. The funds should be used to reduce its debts to banks. The Portuguese construction company’s net debts stood at slightly more than €1 billion at the end of the third quarter.
Teixeira Duarte has been trying to sell Lagoas Park for more than two years. It set up a special-purpose vehicle (Lagoas Park SA), to which it transferred the management of the office park located in Oeiras, whose objective is to sell more than 80% of Lagoas Park SA’s capital.
Interested parties have until the end of March to submit non-binding offers. The final bid price will determine the buyer.
Original Story: Construir
Translation: Richard Turner