To Eco, CGD confirms that "on December 22, it sold its claims on the Vale de Lobo Group for €222.9 million. The acquirer was an investment fund of ECS Capital dedicated to mediate in real estate and tourism projects. CGD expects that this asset can be recovered and monetized,” says the same newspaper.
The credits must be transferred to an ECS fund that already owns properties such as the Torres de Lisboa or the new Fontes Pereira de Melo building. ECS will issue units that will be subscribed by CGD itself. The Banks hold this fund.
Also, Novo Banco and BCP, which held smaller amounts in these credits, sold their shares together with CGD.
The conclusion of this operation is still waiting for the approval of the authorities.
CGD granted a loan of €300 million to Vale do Lobo, having received around €100 million in the sale of lots and interest paid by the project, according to Expresso.