CGD has given the green light to the separation of collateral assets regarding the loan granted to Vanguard and Amorim for real estate projects in Comporta – the “Hamptons of Portugal”.
Vanguard Properties and Amorim Luxury decided earlier this year to end their joint venture, which they had initially created in 2019, to jointly develop real estate and tourism projects in Comporta, by signing a separation agreement . Now the green light has been given by Caixa Geral de Depósitos (CGD), so that the division can be carried out and the two companies can proceed separately. The state bank was the entity that financed the two groups and received the assets as collateral from the two entities, so it had to validate the end-of-partnership agreement.
Before the final authorization, CGD requested an independent evaluation of the assets it finances, reports Jornal Económico, noting that it is in practice a bureaucratic change at the level of the credit agreement. Although Percentagem Impecável (company formed within the framework of the partnership) has no bank debt, the assets that make it up had been given as collateral for the overall credit of each of the groups, and with the departure of one of the partners, it was required for the ownership of the credit to Vanguard Properties and the corresponding guarantee.
Comporta projects safely
The end of the partnership does not however call into question the tourism and real estate projects of each company in Comporta.
Vanguard Properties and Amorim Luxury had formed a consortium to buy the assets belonging to the Fundo Especial de Investimento Imobiliário Fechado da Herdade da Comporta – o Comporta Links eo Comporta Dunes.
Amorim Luxury will now sell 50% of the Percentagem Impecável company to Vanguard Properties, receiving five million euros. They also obtain the restaurant concession that supports Pego beach, in Carvalhal (Comporta), as well as part of the respective car park. The area of building land remaining for each of the parties is around 39 hectares for the Amorim group and around 400 hectares for Vanguard Properties.
This separation agreement, according to Jornal Económico, has no impact on the execution of the urbanization works of NDTC (Dunas), nor does the agreement involve ADT2 (Tower) since it is entirely owned by Vanguard. Amorim Luxury remains the owner of its three lots at NDTC, intended for the hotel (JNCQUOI Comporta) and two tourist developments.