Novo Banco initiates asset sale to recover €400 million debt from Luís Filipe Vieira

Novo Banco has launched ‘Project Horizon’, a strategic initiative to recover more than 400 million euros in debt owed by Luís Filipe Vieira, the former president of Benfica. Managed by the consultancy KPMG, the operation involves the sale of various problematic assets, including real estate and credit holdings.

The portfolio includes unlicensed land near Lisbon and in the Algarve, an office building in Maputo, Mozambique, and stakes in the real estate companies Promovalor and Inland. While the bank has previously classified much of the debt as lost and covered by the Resolution Fund, KPMG is working to demonstrate potential value to investors by executing contractual rights linked to 352 million euros, which could grant access to the assets of ultimate beneficial owners, including Vieira.

Non-binding offers are currently being analyzed, with binding proposals expected by October. Notable assets include land estimated at 56 million euros and the Maputo office building, valued at approximately 20 million euros, which generates 900,000 euros in annual rent despite a low occupancy rate.