Tikehau and Albatross preparing to buy Projeto Zip

Tikehau and Albatross preparing to buy Projeto Zip

Funds Tikehau and Albatross left behind Cerberus, which was also part of the short list of candidates invited to present binding offers for the purchase of this portfolio, placed on sale in July. The two funds selected will now start the last negotiation stage for the conclusion of the operation, which should take place by the end of March.

According to sources close to the deal consulted by Eco, «the two funds offered a super-competitive bid. It is a great sign for the Portuguese market and for other potential sellers».

This Consortium should acquire Projeto Zip for an amount between 300 and 320 million euro, less than the 360 million euro the project was estimated at.

It should be recalled that this project includes 4.435 housing units, most of them already with tenants, located mainly in the urban centres of Porto, Lisbon and Setubal. The buildings are part of several real estate investment funds for housing rental (FIIAH) managed by Norfin and owned by several banks, amongst which Novo Banco, CGD, Montepio, Millennium bcp and Santander Totta.

90% of these buildings are rented. Projeto Zip currently generates 14.6 million euro in annual revenues, which could increase to 25.8 million euro, according to the same source.

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