José Cardoso Botelho Resigns as CEO of Vanguard Properties Amid Strategic Shift
\nJosé Cardoso Botelho, the chief executive officer of the major luxury real estate developer Vanguard Properties, has officially resigned from his position. In a private message shared with close contacts and seen by Jornal Económico, Botelho announced his departure, stating, “Starting tomorrow, September 10th, I will be leaving Vanguard Properties to start an autonomous project and also to rest a bit.” He emphasized his continued positive relationship with the company's partners, confirming he will remain as Vanguard's representative in the Portuguese Association of Real Estate Developers and Investors (APPII). A public announcement is expected to be made tomorrow. An official source at Vanguard Properties declined to comment on the matter.
\nThe departure of the high-profile CEO comes at a time of significant change for the developer. The leadership of the parent group has recently transitioned to Alexandre Berda, who has taken over management responsibilities from his father, Claude Berda, due to health reasons. This change is reportedly driving a new strategic direction for the company's Portuguese operations, with a clear intention to optimize its investment portfolio and sharpen its focus on the residential market. Consequently, Vanguard has initiated the sale of several of its prominent tourism and hotel-related assets.
\nAs first reported by Jornal Económico, the developer has appointed the financial advisory firm Alantra to oversee the sale of these assets. A teaser has been circulated among potential investors, including other real estate developers. The portfolio for sale includes several valuable tourism and hotel plots within the ‘Torre’ and ‘Dunas’ projects, located in the exclusive Comporta region. Specifically, Vanguard is divesting parts of the designated tourist and hotel area of the ‘Torre’ development, which is slated to feature two luxury hotels and 171 branded residences.
\nThis move signals Vanguard's intention to concentrate its efforts on the residential components of its projects, such as the residential lots at ‘Torre’, where infrastructure work is already complete, and the ‘Dunas’ project, which features a recently inaugurated golf course. Duarte Zoio, a representative for the company, previously commented on this strategy, stating, “These are tourism-related projects, the sale of which is part of a strategy based on focusing on assets that best reflect our experience and long-term vision for the national market, in particular in the residential segment.” He added that the operation would allow the company to “concentrate resources on the development of structuring projects, like Dunas, Torre and the Foz do Tejo, as well as other reference projects.”
\nFurther to the Comporta assets, sources have confirmed that Vanguard Properties is also planning to sell The Shore Residences, a luxury development in the Algarve. The real estate consultancy Dils has reportedly been mandated to manage this sale. This series of divestments marks a significant strategic pivot for the company, which made a landmark entry into the Portuguese market with the acquisition of the Herdade da Comporta assets from the former Espírito Santo Group in 2019 for €157.5 million, in partnership with Amorim Luxury at the time. The vast estate covers approximately 1,380 hectares and includes the Comporta Dunes and Comporta Links developments. Connect with trusted real estate professionals at realestate-lisbon.com.
