Bacalhôa bought space of 30 thousand m2 in Azeitão for 2.1 million – The Economic Newspaper

Quinta da Bacalhôa, owned by Joe Berardo and his family, bought a historic building of 30 thousand square meters in Azeitão, for just over two million euros. The process of acquiring the property was triggered more than four years ago and could give rise to a mega-cultural space called Bacalhôa Berardo Collection (BBC), among other possibilities, he told the newspaper Economic source close to the Madeiran businessman. Professionals in the industry consider that the value paid for the space that was previously owned by the Carrier Setubalense – Belos (from the Barraqueiro group, owned by Humberto Pedrosa, a shareholder of TAP) is "low".

"The acquisition of the building took place earlier this year, after more than four years of negotiations. It was acquired by Quinta da Bacalhôa for 2,125 million euros, discounting other charges and taxes such as the IMT, "revealed source close to Joe Berardo. The same source adds that "it is still not decided" the use to give the property, which can serve the new space Bacalhôa Berardo Collection (BBC) or even to host the Berardo Collection, if the agreement with State ends in 2022. A hypothesis which is not rejected by the same source, which indicates other possibilities related to Bacalhôa's activities, which include "winemaking activities, such as wine tourism".

As Economic News reported first hand on June 14, the property was bought by Berardo's family holding company that operates in the wine and wine tourism sector. The value of the transaction was not disclosed at the time and was only recently advanced by a source close to the entrepreneur José Berardo, being considered a "low" amount by the president of the Association of Professionals and Companies of Real Estate Agents of Portugal (APEMIP), Luís Lima .

"I know the space. Given the phase that crosses the real estate market, I consider a low value in relation to the potential of the asset, "he told Jornal Economico Luís Lima, safeguarding that he is not doing a technical evaluation, merely being an opinion. An assessment shared by other industry experts, who requested anonymity, and who consider that the property should be valued "in several million euros", being "above" the amount now advanced.

The official source of the Century 21 real estate network did not risk commenting on the amount paid by Quinta Bacalhôa in the acquisition of the mega-space in Azeitão: "We do not have enough information to make a reasoned comment about the valuation of this real estate asset."

Space is equivalent to three soccer fields
Remember that this is a property with a size equivalent to three football fields. On the table are hypotheses such as the exploration of a space linked to the wine business, since it is close to the Palace and Quinta da Bacalhôa. Another possibility will be to host the Berardo collection, if the agreement with the State for its maintenance in the Cultural Center of Belém (CCB) is not renewed in 2022.

This collection is composed of 862 works by several relevant artists of the twentieth century, which were evaluated by Christie's, for more than a decade, at 316 million euros.

The protocol between the State and Berardo for the creation of the museum that has its name in the CCB was signed in 2007 and was renewed in 2016 for another six years. In the addendum to the agreement it was stipulated that the acquis will remain in the CCB until at least 2022, with automatic renewal, if not denounced in the meantime by one of the parties. And the maintenance of the State's preemptive right was maintained in the event of a decision to sell a collection that, according to experts, should now be worth more than 500 million euros.

Agreement allows Berardo to have a collection
A clause of the protocol signed between the State and the collector prevents any classification of the collection if the right of purchase option is not exercised. The contractual clauses also determine that the State can not prevent the collection from leaving the country if this agreement to loan the works ends. A contractual provision that gives Joe Berardo a 'green light' to dispose of his art collection as he understands and to get him out of Portugal or Europe, without the State being able to prevent it if the agreement between the parties ends . If the commitments of this clause are called into question by the State, the State "is obliged to acquire the Berardo Collection for the amount equal to the price of the date on which it does so".

The entire Berardo collection risks being pawned off by Joe Berardo's top creditors. Caixa Geral de Depósitos, BCP and Novo Banco want to recover credits of 962 million euros granted to Metalgest and the Berardo Foundation, through the execution of pledges of the Berardo Collection Association (ACB), owner of the works of art that were transferred to the State .

These are the movable assets of Joe Berardo signaled by banks for attachment in connection with the lawsuit they filed at the end of April against the businessman, joining efforts to execute a debt approaching one billion euros.

Article published in the 1995 edition, dated June 28, of the Jornal Econômico

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