The Davidson Kempner Fund closed the deal to buy Projeto Crow from a group of national banks on Thursday, in the largest real estate transaction of the year in Portugal, which will be around 850 million euros.
In individual correspondence sent to CMVM, Novo Banco, BCP and Caixa Geral de Depósitos reported the conclusion of the transaction in which the American Fund acquired Fundo de Recuperação Turismo and Fundo de Capital de Risco as well as the shares owned by the banks in FLIT – PTREL and SICAV-SIF and SCA and assets directly and indirectly owned by FLIT.
The fund’s portfolio includes hotels from the NAU group, the Governor’s Palace, and Cascatas Golf & Resort Spa, among others.
Novo Banco only indicates how much it will receive through the operation: 224 million euros.
The portfolio results from ECS Capital assets that have been exposed to several banks. In addition to Novo Banco, BCP and CGD, as well as Santander and Oitante, The car built to hold the Banif assets that Santander Totta doesn’t want, were exposed to.
Today, a long and complex process that began in early 2021, when the assets were put up for sale, has been completed. The wallet will change its surroundings, with the exception of some assets.
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