4 April 2020 – Novo Banco is waiting for the Lisbon City Council to approve its project to subdivide the financial institution’s landholding in Artilharia I, near Amoreiras. The project, which still requires infrastructure works, is said to be worth approximately €160 million.
GEF, the management company of the Amoreiras closed-end real estate investment fund, a majority-owned subsidiary of Novo Banco, submitted the subdivision request last year. The change would facilitate the sale of individual, smaller plots of land.
The project envisions the initial construction of an office building which may concentrate Novo Banco’s operations in Portugal’s capital. The larger real estate project, which has suffered countless delays, has been on hold since the financial crisis, more than a decade ago.
Original Story: Jornal Expresso – Diogo Cavaleiro
Photo: António Pedro
Translation/Summary: Richard D. Turner