BCP has put up for sale a € 145 million (gross) portfolio of bad debts and real estate associated with the luxury resorts of Castro Marim and Monte Rey in the Algarve. Eco digital newspaper.
According to the sources consulted, this is the “Green Project”, so named due to the fact that the tourist complexes in question have golf courses. Eco points out that the bank, led by Miguel Maya, will already be on the market to reach out to potential stakeholders.
The two tourist complexes were previously scheduled to be included in the Ellis Project, completed in late 2020, following a sale to the Davidson Kempner Foundation. At that time, they will be withdrawn from this wallet. Monte Rey is located a few kilometers from the Vila Nova de Casela border, with over 400 hectares of land with villas, villas, apartments, building plots and golf courses designed by American Jack Nicklaus. Castro Marim also has golf courses, villas and private plots.
The portfolio also includes NPL (non-performing loans) and REO (real estate property) and even more assets located in Tavira, Sant Bras de Alportel and Loule, Eco notes.
