Portugal: Insurer to sell homestead

Page created: Thursday, 17 March 2016 8:52 GMT

Setor Segurador  Tranquilidade

Lisbon, Mar. 16 (Lusa) – Portuguese insurance company, Tanquilidade, is going to sell its headquarters in the prime real estate address of Lisbon’s Avenida da Liberdade, Bloomberg announced on Wednesday, without naming any sources.

The Tranquilidade property, which was bought just over a year ago from Novo Banco is worth roughly €140 million the sources told Bloomberg.

Tranquilidade used to be part of the Grupo Espírito Santo (GES) until the group nose-dived into oblivion and it was transferred to Novo Banco – the ‘good bank’ that was dragged out of the sludge – which, in turn, sold it to US fund company Apollo Global Management.