Novo Banco restructured the debt of one of the country's leading real estate developers, in an agreement that aims to recover approximately 35 million euros. The largest creditor in the real estate sector in Portugal reached an understanding with the company responsible for the Rivart project, which includes the construction of two hundred new apartments in the Alcântara area, in Lisbon.
The owner of the Rivart project lands is the company Alrio, which at the end of 2024 stopped meeting the payments on the loans taken out with Novo Banco. This situation put the recovery of the amounts owed at risk, leading the bank to negotiate a restructuring instead of proceeding with a more punitive process.
The real estate company behind the project is led by Pedro Silveira, who also manages the SIL group, one of the economic groups with the largest presence in the national real estate sector. With this agreement, Novo Banco manages to secure more favorable conditions for credit recovery than those it would obtain in a default scenario.
