According to a report in ECO, the buyers include the British fund Arrow Capital and the entrepreneurs Filipe de Botton and Alexandre Relvas. Lone Star finalised the sale of the Project Vilamoura, which includes part of Vilamoura.
The Vilamoura marina, two companies and 21 plots of land with construction potential are included in the deal. The transaction was finalised for approximately 100 million euros, well below the initial asking price. At the time, the project also included Cidade Lacustre, a project in expansion, which ended up being rejected at the end of last year.
In 2015, the owner of Novo Banco bought these assets and, two years later, at the end of 2017, put them on the market for sale. It took three more years to manage to sell, and the deal that was closed last week is likely to have been around 100 million euros, a figure below the 180 million that Lone Star was initially asking for.
According to the Portuguese newspaper ECO, the buyer is the British fund Arrow Capital, which owns the Portuguese companies Whitestar and Norfin (which manage and recover bad debt and real estate assets), and a number of private investors, including Filipe de Botton and Alexandre Relvas, partners of Logoplaste, and João Brion Sanches, founder of Norfin along with the two previous entrepreneurs.
The project comprises 100% of the share capital of Vilamoura World (the company that manages all these assets), 21 plots of land for development, 49% of Inframoura (the municipal company that manages Vilamoura’s public works) and the Vilamoura marina, which is the most interesting asset.