• Transaction / Assets
    Lagoas Park Sold by Teixeira Duarte to European Fund
  • Seller
    Teixeira Duarte
  • Buyer
    Kildare
  • € MM
    n/a

Lagoas Park Sold by Teixeira Duarte to European Fund

26 May 2018

Teixeira Duarte announced today that it sold its entire holdings in Lagoas Park to a subsidiary of the European private equity fund Kildare.

In a statement sent to the CMVM – Portugal’s Securities Market Commission, Teixeira Duarte also informed that “Lagoas Park, SA owns 13 office buildings with approximately 85,000 m² of green spaces, lakes and waterfalls and more than 5,000 parking spots, 12 restaurants, a 4-star hotel, a congress center, a health club, public parking, a school and a commercial gallery with a number of services, incorporated into a real estate development venture in Porto Salvo, Oeiras, “where several large, well-known companies are installed.”

Teixeira Duarte also stated that “together with its subsidiary Teixeira Duarte – Gestão de Participações e Investimentos Imobiliários, SA, the company entered into a contract on Friday to sell the entire capital stock of Lagoas Park to a subsidiary of the European private equity fund Kildare, for an as yet undetermined final value. The impact on the Group’s results will be around 25 million euros.”

According to Lusa, “real estate market sources,” cited by the Jornal de Negócios in April, valued the venture at 300 million euros.

In addition to Lagoas Park, SA, Teixeira Duarte also wants to sell its 7.5% stake in Lusoponte, the concessionaire of the Vasco da Gama and April 25 bridges, under an agreement with Portuguese banks to reduce its debts.

According to the company’s 2017 Annual Report and Accounts, Teixeira Duarte is looking to sell the assets following the €500 million asset disposal program it announced last week.

The 9% position held by Teixeira Duarte in the AutoEstradas do Baixo Tejo (AEBT – Vias do Baixo Tejo), the 100% it owns of Bonaparte – Commercial Buildings and Holdings and TDHOSP – Management of Hospital Building, the company that manages new Hospital de Cascais building, are among the “assets held for sale.”

On April 12, Teixeira Duarte had already announced that it intends to sell 90% of TDHOPS for approximately 19.4 million euros and that it had signed a contract with subsidiaries of an investment fund managed by the management company ‘ 3i Investments on 9 April. The deal is still awaiting authorisation by the Portuguese state.

Teixeira Duarte’s 0.04% holding in the capital of the Banco Comercial Português (BCP) are also still classified as “assets for sale.”

In April, Teixeira Duarte announced that it had entered into an agreement with BCP, CGD and Novo Banco “to significantly reduce its bank liabilities, in line with an asset divestment program amounting to approximately 500 million euros.”

Original Story: Diário Imobiliário / Lusa

Translation: Richard Turner