Novo Banco puts assets linked to Luís Filipe Vieira up for sale | OneFootball

Novo Banco has launched a sale of assets tied to former Benfica president Luís Filipe Vieira’s business empire to recover part of its exposure. The portfolio, built up since the BES era, concerns debts exceeding €400 million and is being marketed as “Project Horizon”.

According to Glorioso 1904, the process has moved to market sounding. Non-binding offers are under review and binding bids are expected by October, with completion targeted this year.

Assets include development land in Loures, Vila Franca de Xira and Tavira valued at about €56 million, currently without a valid licence. These plots secure debts of roughly €65 million.

Also on the block is a 17-storey office building in Maputo valued at around €20 million, 35% occupied and generating about €900,000 a year.

The sale also includes Novo Banco’s stakes in Promovalor and Inland, taken after a Supreme Court decision. It holds 66.3% of Promovalor and 63% of Inland, both carried at zero.

KPMG is presenting potential upside via enforcing contractual rights worth €352 million, which could allow access to assets of the group’s beneficial owners. Much of the debt has already been recognised as lost and covered by the Resolution Fund under the contingent capital mechanism.

Novo Banco has previously enforced assets linked to Vieira, including his Benfica SAD shares, later auctioned for more than five million euros. The bank now aims to find buyers for the package and recoup what it can from a liability that peaked at €466 million in 2015.

Source: Glorioso 1904

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