Portuguese bank BCP is looking for new owners for a portfolio made of nonperforming loans (NPL) and real estate (REO) in Algarve with a gross value of 145 million euros, according to digital ECO News.
Most of the assets are connected to the luxury resorts Castro Marim and Monte Rei, with the portfolio in question to be named “Project Green” after the golf camps included in those touristic complexes. It also includes other real estate assets located in Tavira, São Brás de Alportel and Loulé, notes Eco.
According to the same source, the bank lead by Miguel Maia is already in the market taking conversations with interested potential buyers.
Castro Marim and Monte Rei resorts had initially been included in the “Project Ellis”, which sale to David Kempner was completed by the end of 2020. At the time, they were reportedly taken from that portfolio.
With over 400 hectars of land. Monte Rei is located a few kilometres from Vila Nova de Cacela, and includes villas, houses, flats and plots for construction, besides golf courses designed by the American Jack Nicklaus. The Castro Marim resort also has golf courses, villas and individual plots.
Original Story: Jornal de Negócios | Staff
Photo: MBCP website
Edition & Translation: Prime Yield