1,662
1,662
  • Transaction / Assets
    Costa Terra Tourist Developmebt
  • Seller
    Semapa / Queiroz Pereira family
  • Buyer
    Discovery Land Company
  • € MM

Discovery Land Company Acquires Costa Terra

3 June 2019 – Richard D. K. Turner

A Scottsdale, Arizona based private developer, the Discovery Land Company, acquired Costa Terra, a tourist development on the Alentejo coast from Portugal’s Queiroz Pereira family for an undisclosed amount. The US developer agreed to take on Costa Terra’s outstanding debts with Novo Banco, BCP, BPI, Caixa Geral de Depósitos, Caixa de Crédito Agricola and Montepio.

Discovery is expected to begin construction as early as next week. The property, which is located in the parish of Melides, in the municipality of Grândola, has four kilometers of coastline. Total investment in the development is expected to reach 510 million euros.

Original Story: Economia Online