This decision comes within the scope of the bank's strategy to sell the assets that make up the aforementioned portfolio.

The land in question occupies an area of 116 thousand square meters and is strategically positioned in front of the Portimão marina, according to idealista. The transaction was carried out successfully, with the buyer identified as Lintinvest, which acquired the property for around 30 million euros.

The project for the Arade land envisages the development of a comprehensive enterprise, encompassing the construction of a hotel, tourist and residential apartments, totalling 1,265 housing units. The completion of this sale represents another step in the strategy of optimising Novobanco's real estate portfolio.

Another highlight in the sale process was the land located in Oeiras, close to TagusPark, included in the Cabanas Golf development. This land was acquired by RE Capital for an estimated amount of between 35 and 40 million euros. The approved project for this location includes the construction of tourist apartments, commercial spaces and a golf course.

The sale of these two plots of land, which make up part of the “Eleanor” portfolio, allowed Novobanco to raise approximately 70 million euros. However, the completion of the sale of the remaining three plots of land, located in Lisbon (Amoreiras and Benagil), is temporarily pending due to issues related to licensing and architecture. Interested investors chose to wait for project approval before proceeding with transactions.

Novobanco intended to have completed the sale of the remaining land that makes up the “Eleanor” portfolio by the end of 2023, however, some temporary obstacles appeared in the way. This process is part of the bank's global strategy to optimize its real estate portfolio and strengthen its financial position.