It’s a sale that has been described as one of the most significant foreign investments in Portugal in the last few years. Planfipsa, the André Jordan group holding that includes Lusotur Golf, has sold Lusotur Imobiliária and the prestigious Vilamoura marina site. The buyer is the Cordoba-based Spanish firm PRASA, one of the biggest Spanish property groups, which already owns several development projects in the Algarve.
Under the terms of the agreement, PRASA will own all construction and management rights to the 1,650 hectare site that makes up Vilamoura, as well as the marina and its 1,000 boat berths. It is understood that Planfipsa will maintain ownership of the five golf courses in Vilamoura via its Lusotur Golf company.
Vilamoura marina recently celebrated its 30th anniversary and both André Jordan from Planfipsa and the owner of PRASA, José Romero, have said that the groups will work together to continue to promote and develop Vilamoura. The marina is one of the most popular tourist destinations in the Algarve, with more than one million visitors a year.
Speaking to The Resident, Constantino Jordan, Lusotur’s managing director, was upbeat about his company’s commitment to maintaining high standards. “In 2002, the marina was certified with the ISO14001 standard, awarded for environmental management – the first in Portugal and one of the first in Europe. This is in line with the André Jordan group’s philosophy of achieving the highest standards in the environmental area. This month, the marina was awarded the ISO 9001 standard for quality management, again following the group’s philosophy of implementing the highest standards.
“Our future objectives are to increase quality and to provide clients with as much comfort and the best time possible, because the management understands that this is what boat owners want more than anything – after all, is there anything better then going sailing?”
The value of the sale has not been revealed, but it is estimated that Lusotur has invested around 100 million euros in the site since 1996. This was spent on a variety of projects including the upgrading of the three existing golf courses, the construction of two new courses and continued investment in the marina.
Constantino Jordan commented: “Vilamoura marina was the first to be built in Portugal. It’s still the biggest, with some 1,000 berths and space for 250 boats in the dry yard. The changes in the yachting market have left their marks in the marina. Over the years, the average boat size has grown considerably, with the most popular berths now being for boats in the region of 20 to 25 metres. Accordingly, over the years, the marina has invested in its infrastructure to meet new and growing expectations.”