EQS-News

VIC Properties announces new ownership and strengthened financial structure plans

EQS-News: Aggregate Holdings SA / Key word(s): Statement VIC Properties announces new ownership and strengthened financial structure plans 17.03.2023 / 11:23 CET/CEST The issuer is solely responsible for the content of this announcement. VIC Properties announces new ownership and strengthened financial structure plans

 

Lisbon, 17 March 2023. VIC Properties S.A. (“VIC Properties”, “VIC”, “Company”), one of the largest residential real estate developers in Portugal, today announces that Aggregate Holdings S.A., has reached an agreement to sell 100% of the shares of the Company in a transaction with a total enterprise value of more than €670 million, to a group led by institutional investors and the existing VIC Management Team. 

The transaction provides VIC Properties with a significantly strengthened and more flexible financial structure upon completion. It demonstrates the long-term commitment of the new investors, led by AlbaCore Capital Group, Mudrick Capital Management, L.P. and Owl Creek Asset Management, L.P., to the Portuguese residential market and their confidence in the existing VIC Management Team to lead VIC Properties into a new growth phase.

As part of a new strategic plan, VIC Properties will receive significant new funding, on terms and in a quantum to be agreed, to continue and further accelerate the development of its three large residential projects in and around Lisbon. These projects comprise of Prata Riverside Village and Matinha, located on the Lisbon waterfront, and Pinheirinho, located in between Comporta and Melides. The three developments have a combined total gross floor area of c.570,000 sqm and, once fully licensed and developed, will have provided approximately 3,000 new apartments for the city of Lisbon and a wide range of residential and tourism units, including a luxury high-end hotel offering, to the region of Comporta and Melides.

VIC Properties’ new shareholders alongside its Management Team, led by Chief Executive Officer João Cabaça, will continue to work very closely with the various relevant stakeholders in order to develop new residential properties across its existing and future projects, a clear commitment in addressing the pressing need for new housing in Portugal.