Portuguese ECS Capital placed two recovery funds, with assets estimated at 1.4 billion euro, on the market, advanced PropertyEU.
This set of around 20 assets includes five-star Palácio do Governador hotel in Lisbon and 9 more hotels under the brand NAU in the Algarve and Alentejo. It also includes other assets, such as shopping centres La Vie in Funchal, Guarda, Porto and Caldas da Rainha. If concluded, this could be one of the largest transactions ever in Portugal.
At the beginning of February, Económico newspaper had already reported that the venture capital funds management company had already placed the two recovery funds on sale. The sale process was initiated after the company received several expressions of interest from international fund management companies, for the whole or part of the funds, such as Bain Capital, Apollo, Blackstone, Fortress, Cerberus and Arrow/norfin, recalled Negócios.
Amongst the banks which hold shares of these funds are Novo Banco, Caixa Geral de Depósitos, Millennium bcp, Santander and Oitante (created for Banif’s assets).