Aggregate Holdings has sold Portuguese residential real estate developer VIC Properties to a consortium of institutional investors for more than €670 million ($723 million).
The sale is to a consortium led by the institutional investors AlbaCore Capital Group, Mudrick Capital Management L.P. and Owl Creek Asset Management L.P., and the existing VIC management team.
As of June 2022, VIC had net assets of €1.15 billion ($1.24 billion) and total assets of €1.9 billion ($2.05 billion).
The transaction contemplates the transfer of all assets of VIC, notably three projects under its ownership: Prata Riverside Village and Matinha, located on the Lisbon waterfront, and Pinheirinho, located near Comporta, in addition to all employees. The three developments have a combined total gross floor area of 570,000 square meters (6.14 million square feet) and, once fully licensed and developed, will have provided approximately 3,000 new apartments for the city of Lisbon and
