September 21, 2018 / 2:44 PM / 2 months ago

Amorim, Vangard bid for Portugal's fashionable Comporta estate

LISBON, Sept 21 (Reuters) - One of Portugal’s wealthiest people, Paula Amorim, and Vangard Properties have presented a joint bid for part of the oceanside Comporta estate, the country’s largest privately-owned property.

Comporta was the Espirito Santo family’s largest real estate holding. It is now held by liquidators following the 2014 collapse of the family business and the bank founded by them, Banco Espirito Santo.

The property, which stretches over a 1,300 hectare area of coastline south of the city of Setubal, includes plots for villas, golf courses and comes with licenses to construct hotels.

The Comporta area has become a magnet for the rich due its beautiful beaches and countryside relatively close to Lisbon, which is about 100 km away.

Madonna, who moved to Lisbon last year, goes horse riding in Comporta and French fashion designer Christian Louboutin has a house in the area.

A spokesman for the consortium said it was the only bidder for the two plots. He declined to say how much the bid was worth, but the property has debt of 120 million euros.

“It is a good bid, in which sustainability is a pillar of the project,” said the spokesman.

The liquidator will now consider the offer, which will be fully financed by the consortium’s own capital.

Vangard, owned by French billionaire Claude Berda, has invested about 600 million euros in Portugal’s booming property sector.

Amorim, who owns a chain of luxury boutiques and restaurants, is one of the heiresses of Americo Amorim, who died in 2017. He left his children holdings that include a large stake in oil company Galp and the world’s biggest cork producer, Corticeira Amorim.

In July Forbes estimated the Amorim family fortune at 4.5 billion euros. (Reporting By Sergio Goncalves, writing by Axel Bugge, editing by Andrei Khalip and Kirsten Donovan)

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