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VIC Properties should buy a property in Portugal
09 October 2019 | Ana Tavares

VIC Properties should be the company buying Herdade do Pinheirinho property, in Grândola Portugal, from Novo Banco.

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The news is advanced by portuguese newspaper Económico, which reports the information came from a source within the sector. The deal might be closed for less than 80 million euro, awaiting the permission from the Resolution Fund, since it is an asset covered by the Contingent Capital Mechanism.

The process to sell the asset started in March. On the table was a 100 million euro bid presented by Ricardo Bellino and Ralph Lauren.

The project was initially presented in 2007, at a time when Pelicano was in charge of developing this project which included the construction of two hotels, three tourist villages, four aparthotels and dwellings and a golf course, in an investment estimated at 167 million euro.