According to newspaper Negócios, the aim is to reinforce the strength and reconfigure the profile of assets portfolio of the company. Jorge Magalhães Correia, President of Fidelidade, explain to the newspaper that «the gains that we register with this operation will be used to reinforce the company's solvency and to invest in projects more concentrated». The insurer is following a new real estate investment strategy, focused in emblematic buildings of a largest size. It is also working on the establishment of a real estate management company, to manage those assets.
The negotiations with more than 100 national and international investors started last Monday. The interested in this portfolio have until 17 November to make a preliminary assessment and present their non-binding offers to purchase, and, later, Fidelidade will select a group of investors and they should have access to more detailed information about the real estate. The process is due to be completed during the second quarter of 2018, according to Eco.
In addition to the 51% located in Lisbon, a share of 12% of those assets is located in Oporto, and the remaining across the national territory, many of which in vertical property. Assets used by the insurer itself are not included.