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Finangeste, a company specializing in nonproductive loan management and property management, is celebrating its 40th anniversary. The first bad bank Created in Portugal and one of the pioneers at European level, it was created as a public company. It is now a private company charged with the management of non-performing credit portfolios (PNL), more commonly known as "bad debts", 2 billion euros and real estate assets worth 600 million euros. 39; euros.
The company has announced its intention to grow in the acquisition of real estate and in the development of investment projects. "Enhancing the acquisition of NPL in the corporate sector is another means of expansion," Finangeste said.
The management headed by Rui Madeira explains that "the main objectives of Finangeste in the short and medium term consist in the growth of the acquisition of properties and portfolios of NLP of client companies".
Three years after its acquisition by the current shareholders, its assets consist of current management portfolios and ongoing investment projects that "correspond to a very strong growth of about 700%," said the company in a statement.
In the real estate sector, the strategy is to increase the acquisition of real estate portfolios ", with a value creation approach that can encompass everything from asset promotion and rehabilitation to redefining and repositioning projects, creating investors, "says Finangeste.
This is already a favorite area of the company which, during the last two years, has made about 500 million euros of international investments for the development of real estate projects throughout the country.
"These projects include the rehabilitation of housing, warehouses and industrial facilities,
offices, as well as field construction for various uses, such as tourism, housing, offices or alternative segments such as university residences, "says the company.
"In 2019, Finangeste has more than 200,000 m2 of construction in Portugal in the context of investment projects managed and coordinated by itself, without excluding other investment initiatives, the bet in this area is on the development of large real estate projects in the areas of offices and housing, especially those for the Portuguese middle class, "they added.
The management of Finangeste said that Portugal was experiencing "an extraordinary moment of development and opportunities in the real estate sector, which also reflects a strong interest of international institutional investors, partners of Finangeste, to invest in our country, so as the future bet of the company with the promotion and construction of large real estate projects in the areas of offices and housing, the Portuguese middle class continues to display a strong demand for homes for their families and finangeste is positioning itself in this market ".
Finangeste was established by the Portuguese government in 1978 as a public company and converted into a public limited company in 1982 with the aim of managing large volumes of questionable assets, including loans, real estate assets and assets. financial institutions of several banks and other credit institutions. In 2015, Finangeste was sold to current shareholders and its main assets currently correspond to loans on large companies, with or without mortgage guarantee; unsecured loans; real estate projects and financial participation in different types of companies.
Since then, "The company's strategy has evolved into strong growth in the provision of services to international investors, both in the acquisition of unproductive corporate debt and in the management of real estate portfolios of banks. and other entities, "said Finangeste. .
Finangeste celebrates 40 years at the Ritz hotel in the presence of a representative of the Ministry of Finance (Under Secretary of State for Finance, Ricardo Mourinho Felix).
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