Lone Star puts €250m slice of Vilamoura up for sale

By Paul Norman - Thursday, October 05, 2017 14:30

Lone Star has put a large part of its Vilamoura resort in Portugal on the market for an asking price of around €250m.

Lone Star has appointed CBRE to market the 825 berth marina and 13 consented land plots on the wider estate, with the ability to create 1,800 residential units.

Lone Star bought the property from Spanish bank Catalunya Banc (owned by BBVA) in 2013. In 2015 the US private equity giant unveiled a masterplan for an €1bn makeover of the resort marketing 18 potential development opportunities.

The timing of the sale coincides with a significant improvement in the Portuguese market and an acceleration in interest in Algarve residential real estate from international buyers. 

Vilamoura attracts over 3m visitors a year and has 13 existing 4 and 5 star hotels providing 2,500 hotel rooms, 7,000 residential homes, international standard equestrian and tennis centres and 3 km of sandy beaches, with a wide range of restaurants, large retail area and a casino.

In March Lone Star acquired a 75% stake in Novo Banco, Portugal’s third-largest lender, in return for a capital injection of €1bn.

pnorman@costar.co.uk

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