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Novo Banco Seeking to Sell Herdade do Pinheirinho
13 April 2019 – Richard D. K. Turner
Novo Banco announced that it is putting Herdade do Pinheirinho, in Grândola, up for sale.
According to an article in the Jornal Econômico, the 200-hectare property, which is in Melides, near Comporta, includes a 27-hole golf course. The original plan for the asset consisted of the golf course, two hotels, four apart-hotels and three residential villages. Novo Banco is looking to finalise the sale of the asset by the end of the first semester of this year. The bank will accept non-binding proposals in an initial phase and then the finalists will have to submit formal offers.
The sale is expected to attract a number of interested parties.
Novo Banco was granted the asset in lieu of payment of a loan to the former bank BES.
Original Story: Jornal Econômico – Maria Teixeira Alves e António Vasconcelos Moreira