Official documents, authenticated emails, and multiple testimonies suggest irregularities surrounding the sale of Herdade da Ferraria, a 260-hectare estate sold in 2022 for 1.5 million euros. The property, classified as rustic and unused, reportedly has a development potential of 50,441.14 square meters, including 5,000 for residential purposes.
This development information was allegedly not included in the sale documentation. A real estate expert estimated this omission could have increased the property’s value by at least 10 to 15 million euros.
Initially, the buyers included Alexander Tilmant, a partner at Tela Energy, Álvaro Fernandez Alonso, director at Michael Page, and Vasco Pereira Coutinho. In 2024, Ana Flor Argos, spouse of Volkert Reig Schmidt, president of GNB Real Estate — a real estate manager of Novo Banco, became a new investor. Schmidt had approved the initial sale to the three investors two years earlier.
In 2022, Tilmant, Alonso, and Pereira Coutinho purchased companies owning Herdade da Ferraria from GNB. The following year, they formed the company Quadrante Frenético, each holding a 40-euro share. By 2024, they transferred their shares to Ana Vargos, making her the sole manager.
The Securities Market Commission (CMVM) received a complaint highlighting a purported conflict of interest involving Schmidt. However, the CMVM declined to comment on the complaint or Schmidt’s suitability for his corporate roles.
The Bank of Portugal also refrained from providing commentary when approached for insights.
Novo Banco stated that the omission of the building potential does not necessarily indicate a problem, asserting the property was sold for 1.5 million euros, 36% (400,000 euros) above the only competing offer’s price.
