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AltisPalmBayHotel

 

Portinho

On the 23. Janaury 2015 Blue Vision A/S purchased  further  shares in Portinho S.A. increasing its shareholding in the Portinho S.A. to totally 79,3%.

 

Blue Vision A/S has previous informed about the intention of a part or whole sale of its shares in Portinho S.A..

 

As part of  Blue Vision A/S' process to enhance the value of Portinho S.A.  Blue Vision A/S has amongst othes entered into an agreement regarding a 15-year guaranteed rental contract concerning the hotel part of the project and a 15-year administration agreement regarding the apartments.

 

The agreement is entered with the Portoguese hotel chain Altis Hotels (Altis Hotels). Altis Hotels are a well-reputed chain of hotels, running 4 and 5 stars hotels as well as luxury apartments in Lisbon, Portugal.  Altis Hotels are recognized for their very high standards, and they have won serveral national and international awards amongst others the World Travels Award  "Europes Leading Design Hotel 2017:

 

World Travel Leading Design Hotel 2017

 

Adding to this, Madeira Islands won the award for the "Worlds Leading Islands Destination 2017"

 

Please also see our jointly produced animated presentation of Altis Palm Bay / Porthino.

 

Blue Vision A/S is conducting negotations concerning a whole or part sale of our Portinho S.A. and has in on the 20th December 2017 announced, that we have entered into a Letter of Intent together with an International Investment Fund concerning the hotel part of the project.

 

The Letter of Intent is a result of negotations, outlining the basis for final transaction allowing The Fund a days exclusivity in which period they are to amongst others to perfom a due diligencen.

 

About Portinho S.A:

 

Portinho S.A. activity is to own and develop a plot of land of 31.123 sq m on the holiday isles Madeira, Portugal. The plot is prepared and the building license is obtained allowing erection of totally 66.250 sq m buildings allocated to respectively a  5-star hotel of 100 rooms equaling 10.000 sq m and 160 apartments of totally 30.000 sq m for respectively sale and rent.

 

The investment in Portinho S.A. is in concordance with Blue Vision A/S’ strategy as to increase the value of Portinho in order to obtain the best possible sales price. 

 

Construction of the infrastructure commenced in September 2016.

 

Apart from Blue Vision A/S, Portinho S.A. is owned by investors with local knowledge, experience and expertise from similar building projects.

 

Blue Vision A/S is conducting negotiations with potential buyers aiming at a whole or partly sale of Blue Vision A/S shares Portinho S.A..

 

Overall we kindly refer to our announcements as well as our overall company presentation.

 

 

portinhoview

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