The new investors, led by AlbaCore Capital Group, Mudrick Capital Management, and Owl Creek Asset Management, have pledged their long-term commitment to the Portuguese residential market.

Together with the management team led by CEO João Cabaça, they will continue working with key stakeholders on the development of existing and future residential projects.

VIC Properties will receive significant new funding, whose terms and amount are yet to be agreed, for the continuation and further development of three large projects in and around Lisbon.

Prata Riverside Village and Matinha are on the Lisbon waterfront, while Pinheirinho is located between Comporta and Melides.

The three projects have a combined total gross floor area of 570,000 m2 and once fully licensed and developed, will provide around 3,000 new apartments in Lisbon as well as residential and tourism units, including a luxury high-end hotel offering, in Comporta and Melides.

João Cabaça, CEO of VIC Properties, said: ‘Today marks an exciting new chapter for VIC Properties. Alongside our new partners, and with an enhanced capital structure, we look forward to investing in the continued development of some of the most prominent residential projects in the country, providing much-needed, high-quality, sustainable and modern housing to those living in Portugal.’

Jason Mudrick, founder and CIO of Mudrick Capital Management, added: ‘This transaction will enable VIC Properties to accelerate its plans, building on its strong foundations. Aggregate and the VIC management team have done a fantastic job in building the company from scratch and we are excited to be working with VIC management as they continue to develop their flagship projects to completion, delivering new homes to the people of Portugal.’

The transaction is due to be completed in Q2 2023. 

As at 30 June 2022, VIC Properties had net assets of €1.15 bn and total assets of €1.88 bn, including goodwill of €1.13 bn.