12 August 2020 – Parvalorem, a company that was created to take on Banco Português de Negócios’s (BPN) bad debts, announced that it would sell a €265-million portfolio of properties dubbed the Miraflores Project. Its assets include over one hundred properties, mostly commercial, mainly located in Lisbon and Porto.
Included in the portfolio are properties within the investment funds managed by Imofundos (BPN’s former management company) and Imofundos itself. Most of the properties are commercial, with offices, shops and logistics assets, with a small part relating to housing and land.
The Miraflores Project would typically attract the interest of private equity funds, which buy assets at a discount looking to achieve high returns. Parvalorem has hired Alantra to coordinate the sales process.
Original Story: Economia Online – Rita Neto
Translation/Summary: Richard D. Turner