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Court Approves Sale of Herdade Do Vale Feitoso
10 May 2021 – Ana Custódio
The Public Prosecutor’s Office and the Fundão court have approved the sale of the estate to Vestein Spain.
The property, which was bought in 2004 by the Espírito Santo Group (GES), was then converted into a kind of family fiefdom, a place for parties and hunting trips with friends.
The Herdade do Vale Feitoso, located in Penha Garcia, in the municipality of Idanha-a-Nova, was considered the largest fenced private estate in Portugal. The asset consists of 7,300 hectares, of which 1,200 are a tourist hunting reserve known to famous Portuguese and international hunters.
The Public Prosecutor’s Office and the Fundão Court approved the sale of Herdade do Vale Feitoso to Spain’s Vestein, a company belonging to the Spanish real estate investment manager Tenigla, for 20.7 million euros, reports Jornal de Negócios.
The property was bought by GES, which, in the meantime, collapsed and dragged the estate’s owner, Companhia Agrícola de Penha Garcia, into bankruptcy.
According to Jornal de Negócios, the heir to BES has since foreclosed on the mortgages it had on these assets, and the company was declared insolvent in 2019. Novo Banco claimed loans of 53.3 million euros as part of this process.
Translation: Richard D. K. Turner