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The sale of Herdade da Comporta again suffered a deadlock. The winning proposal was to be announced on Friday, but the real estate fund's shareholders finally approved the postponement of the decision. A process that has been involved in the controversy over the real values of the three proposals received by fund manager Gesfimo.
According to Rio Forte and Novo Banco – the two largest participants in the fund, since they together account for 74% of the units – this carry forward is due to the lack of "elements". unequivocal information to evaluate and rank the received proposals "And the fact that none of the offers contemplate" the totality of the assets "on sale nor reach the values indicated by the independent evaluators, knew the I.
Both entities "also consider that only with the imposition of clear, professionals can succeed this process."
The goal now is to give the three competitors a new deadline until September 20 for the formulation of their offers which will have to be all binding and covered by the comfort letters of the banks.The shareholders of the fund will meet again on September 28th at a new general meeting to decide who will receive the two real estate assets for sale.
In the race for Comporta, a consortium bringing together British entrepreneurs Mark Holyoake and Anton Bilton and the Portuguese group Portugália who offered nearly 160 million euros and which became the chosen proposal by the management company for buy the Herdade da Comporta, as I had advanced it. Also interested in the purchase of these assets, the entrepreneur Paula Amorim, in partnership with the French billionaire Claude Berda, presented an offer of 156.4 million and remains a man-led group of French businessman Louis-Albert de Broglie
Herdade da Comporta – made up of more than 12,500 hectares between Alcácer do Sal and Grândola – was the retreat of the Espírito Santo family who had bought it in 1987 and went on sale when Grupo Espírito Saint (GES) failed.
Selling this asset is one of the ways in which insolvency trustees can earn income, so that they can increase the value of their creditors. This is the case, for example, of Pharol and BES "bad".
The truth is that the process of selling the estate has suffered several advances and setbacks. Its sale resumed in September. After an unsuccessful attempt, the courts finally cleared the sale process, bypassing the reason that preceded the transaction: the arrest of the family property.
The businessman Pedro Almeida made an offer last summer. was completed because the prosecution did not lift the arrest of Herdade da Comporta – at the time, the assessment was 420 million euros -, rejecting the sale of the property because it felt that the process did not meet the conditions of exemption, transparency and objectivity. At the time, the businessman wanted to make Comporta an "exclusive seaside resort and very attractive to the international market". The goal of the entrepreneur was also to buy Herdade da Comporta – Agrosilvícolas and Turísticas, the company that manages the rice fields of the area.
The certainty is that the alienation is necessary to avoid the insolvency of the farm fund located in Grândola and Alcácer do Sal.The risk of insolvency is "real" and has already been admitted by the entity and those responsible for the insolvency of Rioforte
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