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FRENCH MILLIONAIRE INVESTS €450M IN PORTUGAL

The French millionaire investor Claude Berda is planning an investment of 450 million euros in the Portuguese property market, and is seeking financing from banks for some of these projects. 

The 450 million euros will be used in the purchase and development of new properties, for eventual sale, according to news from Bloomberg. This is a further 150 million euros more than the 300 million first mentioned at the beginning of April by the Expresso newspaper, when the company confirmed that there were 100 million in the portfolio and were seeking a further 200 million from the bank.

The investment is after Berda already bought 10 properties in Lisbon and two properties in the Algarve and in Comporta in the last two years. In an interview with the agency in Lisbon, he stated that, “Portugal is definitely my next big project,” quoted by DN.

He continued, “I have already spent some time with property agents and they are looking for properties for sale. There is not enough supply. The market is very good and strong.”

In Portugal, the millionaire created Vanguard Properties, represented by José Cardoso Botelho, a company which in April presented its first project, White Shell Beach Villas, on the Algarve, in which 12 million euros will be invested.

Claude Berda’s fortune is estimated at 1,000 million euros, according to the French site Challenges, the 71st  largest in France.