Golden Gate building in Funchal sold for €7M to a national investor

Golden Gate building in Funchal sold for €7M to a national investor

The Versintemporal company has acquired the Golden Gate building, located in the centre of Funchal, for seven million euros, according to news advanced by Funchal Notícias. The Porto-based company operates in the hospitality and real estate sectors.

The sale will take place via the Regional Heritage Directorate. The Council of the Government met in plenary session on 26 January and decided to authorise the sale by direct award of the Golden Gate Building. The Versintemporal company thus acquires the building after several attempts at a public auction, which ended up being deserted.

The main business of Versimtemporal is the operation and management of hotel establishments, real estate promotion, accounting and tax activities, tax consulting, real estate rentals, buying and selling real estate and reselling real estate acquired for that purpose.

The deal "will allow the exploration of that space by private entities, boosting the local economy and bringing new economic operators and employers to the Region, as well as allowing an increase in revenue for the Region's coffers," said the Regional Government, cited by the same website.

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