Vanguard Properties to Sell Comporta and Algarve Tourist Assets, CEO Confirms
José Cardoso Botelho, CEO of Vanguard Properties, one of Portugal's most prominent real estate developers, has confirmed the company is advancing with the sale of non-residential assets within its major projects, expecting to announce several sales agreements for hotel and tourist plots in Comporta before the end of the year. The move is part of a strategic decision to focus exclusively on the residential segment, which Botelho described as the company's primary and original focus. The assets for sale include plots within the highly anticipated Dunas and Torre projects in Terras da Comporta, as well as The Shore Residences project in the Algarve.
In an interview with Jornal Económico, Botelho explained that the sale of these assets aligns with the company's business plan, particularly for large-scale, mixed-use developments. "In the case of Terras da Comporta, it was always our intention to alienate the non-residential areas to qualified brands and investors once the infrastructures were completed," he stated. He noted that with the real estate sector at a high point, it is an opportune moment to realize capital gains on these assets. The sales process is being handled partly by the advisory firm Alantra and partly through direct negotiations, which are reportedly yielding "good results."
The decision to also sell The Shore Residences in the Algarve was attributed to a project approval that "took too long." During the delay, the company's regional management team was reallocated to its extensive projects in Comporta, making it inefficient to maintain a presence in the Algarve for a single, smaller development. Botelho confirmed that several offers have been received for the now-fully-approved project, and due diligence processes are underway, noting that the asset has appreciated in value since its approval.
Botelho, who is also the Vice-President of the Portuguese Association of Real Estate Developers and Investors (APPII), spoke frankly about the challenges inherent in the Portuguese market. He identified "excessive bureaucracy," "overly complex and sometimes contradictory legislation," and a lack of coordination among state institutions as significant impediments to investment. He cited two of his own Lisbon projects, which endured nine-year licensing processes, as evidence of the need for a "true Simplex" administrative reform from the current government. He also pointed to a lack of large, efficient construction companies and a shortage of skilled labor as further constraints on the industry.
Despite these hurdles, Vanguard Properties is actively pursuing expansion. Botelho revealed the company is seeking investment partners to grow its operations, citing strong interest from large-scale entities and family offices. He believes Vanguard has the potential to expand to "two or three times its current size." This growth will be anchored by the development of its major projects in Comporta and Foz do Tejo in Lisbon, which the company feels it can develop autonomously if needed.
The developer also announced a significant technological innovation: a new digital platform that will allow clients to configure and customize villas in real-time. Botelho described it as a "disruptive innovation" that will enable Vanguard to design, budget, and propose a turnkey bespoke home within a single day, a feat made possible by the company's vertical integration of several construction-related industries.
Reflecting on the landmark 2019 acquisition of Herdade da Comporta for €157.5 million, Botelho affirmed it was an "excellent opportunity." He described the development as a "project of a lifetime" that requires significant resources but has the potential to become an international benchmark for success. He called on the local municipality and the state to invest the significant tax revenues generated by the project into improving local mobility, security, public spaces, and social infrastructure to ensure the area's transformation into a truly premium and sustainable destination.
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