• Transaction / Assets
    Real Douro Buys Former School in Porto
  • Seller
    The University of Porto
  • Buyer
    Real Douro
  • € MM
    6.1

Real Douro Buys the Former School Almeida Garrett for €6.1M

15 November 2017
 
The former Almeida Garrett College, in the centre of Porto, will be developed by Real Douro – Promoção e Gestão Imobiliária, S.A., winner of the public tender launched in June.

The University of Porto, which is the owner of the former Almeida Garrett College building, on the Coronel Pacheco Square, is finalising the sale of the property to Real Douro – Promoção e Gestão Imobiliária, S.A., winner of the public tender for the sale or concession of surface rights.

The Lusa news agency reported the transaction, quoting a source from the University of Porto. “The finalisation of the sale [of the property] is still in progress,” the source stated, adding that the public deed is expected to be transferred at the beginning of next year.

According to the notice of public tender published in June in the Diário da República, the “sale or concession of the surface rights to the building designated as Almeida Garrett College” had a base price of €4,768,000 and an award criterion of ‘the most economically advantageous proposal’ or the highest price in the case of sale. Real Douro – Promoção e Gestão Imobiliária, S.A., won the tender with a proposal worth 6.1 million euros.

Original Story: Vida Imobiliária – Fernanda Cerqueira

Photo: Rita Nesves Costa / JPN

Translation: Richard Turner