1 May 2020 – Oitante announced that it would indefinitely postpone the planned sale of the Lucille Project, a €400-million portfolio of real estate properties it inherited from Banif and Santander Totta. The bank stated that market conditions are currently strained due to the Covid-19 pandemic and gave no planned date for the eventual sale.
Oitante, the Portuguese bank bank, signed a contract at the end of 2017 with Spain’s Altamira, in which the fund took over management of a one billion euro real estate portfolio, along with another portfolio of non-performing loans. The agreement allowed Oitante to concentrate on reducing its exposure to the real estate market. The pandemic has upended those plans, however, along with so many others.
Original Story: Jornal de Negócios – Rita Atalaia
Translation/Summary: Richard D. Turner