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Discovery Land Company interested in Portuguese project Costa Terra
07 May 2019 | Ana Tavares

American group Discovery Land Company is interested in buying tourism megaproject Costa Terra, in Melides (Portugal), through holding Semapa.

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It’s a project from the Queiroz Pereira family which is still on paper and which includes the construction of 3 hotels, holiday villages and villas, in a 510 million euro investment.

Portuguese newspaper Jornal de Negócios advances that the group, specialised in managing luxury resorts, may already be in advanced talks to acquire this project. It has been in contact with six different banks to which were assigned several parcels as guarantee, namely Novo Banco, BCP, BPI, CGD, CCA and Montepio. Goldman Sachs is the financial advisor.

Idealista reminds that Costa Terra was bought in 2008 by Pedro Queiroz Pereira from Swiss investor Andreas Reinhard, occupying an area of 200 hectares, the project never took off. On paper there are 204 dwellings, a golf course and 3 hotels.