«Project Vilamoura” includes two societies (100% of Vilamoura World’s capital stock and 49% of Inframoura, the municipal company which manages the construction works in Vilamoura), 21 plots of buildable land and the marina.
The project also included the Cidade Lacustre (Lakeside City), the expansion of the project and Projeto de Potencial Interesse Nacional (Project of Potential National Interest), whose environmental impact statement was flunked last year, in May, by the Loulé City Hall and in November by the Comissão de Coordenação e Desenvolvimento Regional do Algarve (Algarve Coordination and Regional Development Committee). The project has not been altered since then.
According to Lone Star’s release, quoted by Económico, the operation was advised by Norfin (owned by Arrow Capital) on behalf of the investors. The management company will also be consulting the future management of Vilamoura.
João Brion Sanches will be Vilamoura’s new CEO, and the group of national investors he leads will take over the resort’s management.
Quoted by Expresso, João Brion Sanches guaranteed that «no one truly owns Vilamoura. This group of investors intends to be the safekeeper of this heritage, guide it and care for it on behalf of the next generations».
And he added that «we have a mid to long-term vision for the region, which includes developing a sustainable and quality product, so as to become the best destination in Algarve to live, invest and spend your holidays, both for domestic and foreign citizens».
It should be recalled that Lone Star bought these assets in 2015, within a competitive process. At the end of 2017, it placed them on the market, but the operation was only concluded last week, according to Eco, 80 million euro below the initially required price.
In the future, according to the existing masterplans, Vilamoura may have around 3.658 housing units and 566.374 sqm for construction.