Discovery Land Company closes purchase of Costa Terra

Discovery Land Company closes purchase of Costa Terra

 

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.

Iberian Property logo Iberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!