Angolan oil company Sonangol sells real estate assets in Portugal

30 August 2019

Angolan state oil company Sonangol has begun the process of selling real estate assets in Portugal, the state group said in a statement issued on Thursday in Luanda.

The real estate assets are, according to the statement, two buildings located at Avenida da República, in Lisbon and the property of the former Convent of Brancanes, in Setúbal.

The process is being conducted by Puaça – Administração e Gestão, a Portuguese company in which Sonangol holds the entire share capital and which is the entity responsible for the management of these properties.

The action, which culminated in the decision to sell these properties, began more than a year ago and is part of the process of disposal of the group’s non-core assets.

The statement added that the sale in 2018 of another property, the Mónicas Convent has been concluded, and the sale of Quinta do Lazareto do Porto Brandão, in Almada, is being concluded.

At the beginning of August, the Angolan state group gave assurances that the holdings in Portuguese groups, such as Galp Energia and Banco Comercial Português (BCP), would be kept.

Sonangol holds an indirect position in Galp Energia through an indirect interest in Amorim Energia, SGPS held by Power, Oil & Gas Investments BV (35% of the capital), Amorim Investimentos Energéticos SGPS (20%) and Esperaza Holding BV (45 %), in which it has a 60% stake with the remaining 40% in the hands of businesswoman Isabel dos Santos.

Sonangol also owns 19.49% (as at 31 December 2018) of Banco Comercial Português (BCP), known as the Millennium bcp brand. (Macauhub)