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VIC and NB reached an agreement for the sale of Herdade dos Pinheirinhos
17 March 2020 | Ana Tavares

VIC Properties and Novo Banco have already reached an agreement for the sale of Herdade dos Pinheirinhos, for around 80 million euro and the deal should be concluded this week.

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The news was reported by Jornal Económico last Friday in its print edition, which further informed that this was an asset Novo Banco inherited from BES and whose losses are protected by the Contingent Capitalisation Mechanism from the Resolution Fund, meaning that the Mechanism Fund had to approve the deal.

This estate (herdade) is a 200 hectares terrain located in Melides, in Grândola municipality, in Portugal. It was a project conceived by Grupo Pelicano, which invested around 167 million euro in the development of two hotels, three tourist villages and four tourist aparthotels, besides a golf course. The group would later fall into default with BES as its creditor.

Last October it became known that VIC Properties would be interested in the asset and that a deal would be reached soon. VIC Properties stated to the same newspaper that it «maintains all its plans», quoted Idealista. Those plans also include ongoing projects such as the Prata Riverside Village or the Matinha.

Novo Banco is being advised by Storm Harbout, a financial institution headquartered in London.