12 November 2020 – Several of Portugal’s largest banks are currently arranging the sale of the Zip Project, a portfolio consisting of 4,435 homes. Three investment funds, Albatross, Cerberus and Tikehau, were selected to submit binding proposals to acquire the portfolio.
After the initial non-binding bidding phase ended in September, just three funds were offered the chance to take part in the final sale. The winner will be chosen at a later stage and will move on to the final phase of negotiations, before finalising the acquisition.
With a book value of €360 million, most of the properties, which are primarily located in the urban centres of Porto (1,000 units), Setúbal (870 units) and Lisbon (740 units), are currently leased. These properties account for 200 million euros of the portfolio’s base value, which, due to reasons of market liquidity, adds value to the portfolio as a whole.
Original Story: Eco Sapo – Alberto Teixeira
Translation/Summary: Richard Turner