Altamira Asset Management has just closed the sale of the Vila Branca tourist development, located near Porto de Mós Beach, in Lagos. This project was part of Banif's assets.
This urbanization has 82 fractions of types T1, T2 and T3 Duplex, with private access.
The transaction takes place months after Altamira, a real estate credit and asset manager, held 85% by Italian doValue (formerly doBank) and 15% by Santander bank, successfully completed the sale of another real estate asset in the Algarve, a land for residential development, located in Cabanas de Tavira.
According to a press release, these are "two assets that were part of the portfolio of Oitante, the financial vehicle that inherited the assets of the former Banif bank and which are being managed by Altamira Portugal."
The sale of the Vila Branca development, in December, was one of the operations that ended a year of growth for Altamira in the national market – which was joined by Herdade da Lameira, in Viana do Alentejo, or Solar das Necessidades, in Ponta Delgada .
In total, in 2019, the group's property sales reached 200 million euros, a figure that represents a 33% increase in real estate sales in Portugal compared to the previous year.
For the growth of Altamira's activity in Portugal, in 2019, "the increase in the pace of property sales throughout the country contributed, as well as the number of operations involving unique and large-scale unique assets", adds the company , in a press release.
The year was marked by the completion of more than a dozen operations that included, among others, buildings dedicated to large retail (such as the Retail Parque Guarda), industrial properties (such as the former premises of the former Delphi, in Sintra) and large business buildings, especially in the Lisbon and Porto regions. Additionally, last year, Altamira recorded a recovery of bad debt in the order of 50 million euros.
With assets under management amounting to 1,6 billion euros, Altamira's portfolio in Portugal is practically divided. equally, between real estate and NPLs (Non Performing Loans).
The objective is, in the medium term, to double the portfolio under management and, in this way, achieve market leadership – similarly to what happens in other countries where Altamira is present (Spain, Italy, Cyprus and Greece). Altamira Asset Management is the biggest servicer in southern Europe, managing a global portfolio of €140 billion.
Eduardo Cerqueira, executive president of Altamira in Portugal, explained: «we have the ambition to grow quickly and sustainably in the coming years, and the results achieved in 2019 motivate us to pursue this goal».
«The quality of the highly differentiated and diversified assets we manage is at the base of the increase in sales recorded last year and it is this position that we want to cement in the national market: that of servicer specializing in asset sales and complex, high-value NPLs,” he added.
«Our experience and knowledge accumulated in the other markets where we are present, allows us to support our clients, be they banking institutions or investment funds, in an absolutely professional way and with great expertise member», said Eduardo Cerqueira.
The head of Altamira in Portugal also refers that “the national market is experiencing an exceptional moment, in terms of the number of operations and the associated profitability, remaining on the radar of investors, especially foreign ones”.
Therefore, «Altamira is taking advantage of these opportunities to grow its business, while at the same time it is increasing and consolidating its team in Portugal».
2019 was a year of «transformation and restructuring» for the organization in Portugal, with the objective of expanding its portfolio and diversifying clients.
Altamira entered the domestic market in 2017 to manage Oitante's real estate and bad debt portfolio. It currently has 118 employees in its three offices, in Lisbon, Porto and Funchal.
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