The sale of "Project Eleanor", a 365 million deal, has been postponed by Novobanco. It was initially planned that the sale would close by 30 November, but interested investors have not come forward with satisfactory binding proposals, reports Jornal Económico.
Presented at the end of May this year, this portfolio consists of four real estate assets, two in Lisbon and two in the Algarve, with a total area of 400,000 square metres and a potential sales volume of 2 billion euros. The investment potential is estimated at 1.1 billion euros.
The two Lisbon projects concern a large plot of land in the Amoreiras area and another in the Olivais area. Of particular note is the Amoreiras project, a plot of land with construction potential of more than 133,000 square metres, spread over 6 housing plots with 683 dwellings planned, plus a service plot for offices or hotels - a potential investment of between 600 and 650 million euros.
In the Olivais Sul area, there is a mixed-use project with a construction potential of 90,000 square metres, spread over 4 plots, with a total of 356 dwellings, 45,000 square metres of offices, 15,000 square metres of retail and 5,000 for equipment.
In the Algarve, the plots are located in Lagoa and Portimão. The Benagil site has a construction potential of 59,000 square metres, and there are plans to develop an eco-resort with a hotel, branded residences and villas, with equipment.
In Portimão, the land next to the River Arade, next to the Marina, provides for the development of a large-scale mixed-use project, with construction potential of 116,000 square metres, enabling the creation of 58,000 square metres of housing (652 dwellings) 39,000 for tourist flats (613 Branded Residences) and 10,000 for a 153-room hotel, as well as 9,000 square metres of retail.
The larger projects will present some significant urban licensing risks, quotes Eco, namely the Amoreiras site. Económico reports that they may now be sold separately, but not until next year.
Among those interested in the "Eleanor Project" were Bain Capital, Kronos, Vanguard Properties, Quest Capital, Sixth Street and Norfin.
