72
72
  • Transaction / Assets
    Vila Franca de Xira Municipality Buys Naval College Lands
  • Seller
    Estamo Participações
  • Buyer
    Vila Franca de Xira
  • € MM
    8

Vila Franca de Xira Buys Land from Escola da Armada for €8MM

16 October 2017

The Vila Franca de Xira Town Council has received authorisation from the Court of Auditors to acquire the lands of the former Escola da Armada (Naval College), for about eight million euros, the municipality announced today to the Lusa news agency.

The acquisition of these lands had already been approved by the municipal agencies and only lacked an authorisation by the Court of Auditors.

“It is excellent news and allows us to finalise the acquisition of an area for which we have a great many ideas and projects,” said the president of the Tejo River municipality (district of Lisbon), Alberto Mesquita (PS).

The deal was negotiated between the Vila Franca de Xira town council and Estamo Participações Imobiliárias SA, which is the current owner of the property, which has been inactive since August 2009.

The former Naval College trained close to a thousand soldiers per year who, after the base’s closure, were transferred to the Alfeite Naval Base, in Almada.

Among other projects, the Vila Franca de Xira town council intends to build a new venue to house the Commercial Court, which had been relocated to the municipality of Loures, under the introduction of an updated judicial map in 2014, by the previous federal government.

The new court building in Vila Franca de Xira will host, in addition to Commerce, Courts of First Instance for Civil, Family and Minors and Labour.

The Vila Franca de Xira town council has already drawn up a protocol, which it will sign shortly, together with the Ministry of Justice so that the Court building can be built on the grounds of the ex-Naval College.

Shopping centre and marina

The construction of a retail area, public-use equipment, and a marina are other projects planned for the land.

The Vila Franca de Xira town council also intends to add a junction to Highway number 1 (A1), in the direction of Lisbon-Vila Franca de Xira, on the site.

In a study presented by the municipality, an investment of 19.5 million euros in infrastructure and renewal of the area and a financial return to the municipalities coffers of around 25 million euros is foreseen.

Original Story: Diário Imobiliário

Translation: Richard Turner