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BUSINESSMAN AND PORTUGUESE PARTNERS ACQUIRE COMPORTA’s REAL ESTATE FUND

The businessman Pedro Almeida and a group of Portuguese partners completed the purchase of 51% of Herdade da Comporta - Special Real Estate Investment Fund, which belonged to the bankrupt Rioforte, from Grupo Espírito Santo.

As informs the newspaper Negócios, Pedro Almeida, connected to the oil sector, was the entrepreneur already appointed as buyer of this Fund, leader of Ardma SGPS. The amount of the transaction was not disclosed.

This source recalls that it was the 2º fund sales process, and it had already been canceled in June 2015 when the Public Ministry decreed to confiscate the Group Espírito Santo assets. By that time, the Americans Asher Edelman and David Storper, from Armory Merchant Holding, have made an offer of €400M for the Fund and the agricultural society.

The second process took place in the beginning of September 2016. That sale was triggered by the Winding-Up Committee of Rioforte, with 57% of the fund. The incomes shall be retained in Portugal, as explained at a report from insolvency trustees: «The net sales proceeds [from the Comporta investment fund] shall be paid into a blocked account by the Portuguese authorities», refers the same newspaper.