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Vilamoura World - still looking for buyers three years on

vilamouraThe Vilamoura World Group, the company responsible for the stalled development of land to the west of Vilamoura, is going to  MIPIM real estate fair, from March 13 to 16, in Cannes, to try and get some interest in two sub-developments it intends to start "in April." 

Sales agency CBRE has been trying to sell off the Vilamoura World project, owned by US vulture fund Lone Star, in parcels or as a job lot.

Lone Star bought the Vilamoura development for €200 million in March 2015 and planned to make money by dividing up the site into 18 themed building zones and sell each to a different investor.

Three years later, this objective has not been achieved. Vilamoura World has seen a series of managers come and go, ending in a  contract with CBRE to try and sell the whole site, or at least part of it.

In September 2015, the then-CEO of Vilamoura World, Paul Taylor, announced a €1 billion investment in a project to renovate the marina's surrounding area and develop the 18 separate real estate projects, "scheduled for completion by 2020."

In October 2016, Paul Taylor was replaced by Juan Gómez-Vega who has been replaced by Dominique Cressot.
The latest objective announced by the Vilamoura World Group, is for two new real estate projects, Central Vilamoura and Uptown Vilamoura, to be launched at the Cannes real estate show and to present news about Vilamoura Lakes and Vilamoura Marina.
In April, the first phase of one development will start to be built, consisting of 136 residential units (T2, T3 and T4), “which will be ready to live in by early 2020.”
Also in April, a condominium in the heart of Vilamoura will start to be built, consisting of "80 houses close to the marina, the beach, golf courses and tennis courts."
Vilamoura marina continues to win awards and the development company is to announce two new projects for this area, planned for completion “in the near future.”
Finally, Vilamoura Lakes, a PIN status project that was meant to be started in 2017, is being redefined to be more “sustainable and environmentally integrated, taking advantage of waterways to create a new real estate and tourism product that complements the existing offer in Vilamoura.”



+2 #3 Denby 2018-03-14 19:13
Tom t,
A vulture fund company is not entrusted with bank business, They purchase the bank at a knock down price, usually because the bank is in extreme financial difficulties, and they take over the loans and mortgages of that bank. These companies are usually unforgiving and impatient in making a return on their investment.
I have great sympathy for these people as the vulture fund company could sell their loan or mortgage to another company anywhere in the world and impose huge charges on their loan.
+2 #2 TomT 2018-03-13 09:27
This is major and serious balls up by "vulture fund Lone Star" as Ed correctly calls the company. This is the firm of cowboys the bank of Portugal entrusted to run Portugal's Novo Banco. The site has proved unsaleable as a whole or in parts so they are having to throw more money at developing two areas to see of they can generate any interest at all in this hackneys, uninteresting and overcrowded development. Vilamoura is bad enough as it is, without more of the same old stuff using the existing infrastructure or roads, drains, sewage systems and water supplies. This whole project is deeply uninteresting to most investors.
+2 #1 mj1 2018-03-13 09:06
every time I go there it is so soul less and has no character

perhaps they could build a cruise berth next to the marina to cash in on the booming cruise biz