The news is reported by Portuguese Jornal de Negócios, and it reveals that the deed has already been signed. This project, located in Grândola (Portugal), was bought in 2008 by Pedro Queiroz Pereira from Swiss investor Andreas Reinhard, and includes an area of 2000 hectares. Idealista recalls that the 204 dwellings, golf course and three hotels which were planned to be built remain on paper only, in what was an expected 510 million euro investment.
With this purchase, the American group takes over the debts belonging to Costa Terra, having established deals with Novo Banco, BCP, BPI, CGD, Caixa de Crédito Agrícola and Montepio, who owned parcels of land as guarantees for the loans.
According to what a source close to the process reported to Negócios, the construction works for the infrastructure should begin next week.