Vanguard Properties and Amorim Luxury decided, at the beginning of the year, to put an end to their joint venture, which they initially created in 2019, to jointly develop real estate and tourism projects in Comporta, signing a separation agreement. Now, the green light has been given from 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 both groups and received collateral assets from both entities, so therefore had to validate the agreement to end the partnership.

Before the final authorisation, CGD requested an independent assessment of the assets it finances, reports Jornal Económico, noting that in practice this is a bureaucratic change in terms of the credit agreement. Although Percentagem Impecável (a company formed under the partnership) does not have bank debt, the assets that comprise it had been given as a guarantee for the global credit of each of the groups, and with the departure of one of the partners, it was necessary for ownership of the credit to Vanguard Properties and the corresponding collateral.

Comporta projects safe

The end of the partnership does not however jeopardise the tourism and real estate projects of each company in Comporta.

Vanguard Properties and Amorim Luxury had formed a consortium to buy the assets that belonged to the Fundo Especial de Investimento Imobiliário Fechado da Herdade da Comporta – o Comporta Links e o Comporta Dunes.

Amorim Luxury will now sell 50% of the Percentagem Impecável company to Vanguard Properties, receiving five million euros. They also get the concession for the restaurant that supports Pego beach, in Carvalhal (Comporta), as well as part of the respective parking area. The area of ​​land for construction that remains 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, does not have any impact on the execution of the NDTC (Dunas) urbanisation works, and the agreement also does not involve ADT2 (Tower) as it fully belongs to Vanguard. Amorim Luxury retains ownership of its three lots in the NDTC, intended for the hotel (JNCQUOI Comporta) and two tourist developments.