Portuguese company Lusoarenas launches stadium projects in Brazil

23 March 2007

Lisbon, Portugal, 23 Jan – Portuguese company Lusoarenas has been contracted to develop and manage two sports stadiums in Brazil, projects with an estimated total cost of US$330 million, the company’s vice president said in Lisbon Thursday.

Speaking to Portuguese news agency Lusa, Marco António Herling said that the bigger of the projects “is already closed” adding that it was to build a 45,000 seat stadium in Rio de Janeiro, the construction of which should begin this year and concluded in 2010.

Herling declined to give details of which Brazilian soccer club was involved in the US$180 million project, saying that there was a confidentiality clause in the contract, but the Brazilian press has reported negotiations with Fluminense.

Lusoarenas’ vice president said that the contract for a 40,000 seat stadium in Salvador, in Bahia state was in “the final stage of negotiation.”

The facility, valued at US$150 million, will house the two soccer clubs from the north eastern Brazilian city, Vitória and Bahia.

This stadium is also scheduled to be concluded in 2010 and the contract will also have to be ratified by the municipal and state authorities.

In both cases, the contract is a project finance model and the company will be responsible for managing the stadiums for 30 years, at the end of which they will be returned to the clubs or municipal authorities.

According to Herling, the company is currently negotiating 12 projects, and the first three, including the two stadiums, are expected to begin construction this year.

Founded in 2000 by the Edifer construction group, Lusarenas was bought in 2003 by businessman António Espírito Santo Bustorff, which has directed it towards project finance and facilities management.

The company’s capital is 100 percent Portuguese-owned, split between Bustorff and Espírito Santo Capital. (macauhub)