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TAP's current facilities are mortgaged for 92.5 million

23 MEI 2022
Onderwerpen
Destaque Notícia Homepage Governo Hipoteca
TAP's management wants to leave the premises next to Lisbon airport because of the buildings' degradation. However, the move also opens the door to a valuable real estate deal. That is, the mortgages of 92.5 million Euros may muddy the accounts.
TAP's current facilities are mortgaged for 92.5 million
The initiative was announced to the Workers' Commission (CT) last week and confirmed by the administration, which explained the option to change facilities with "the lifting of costs for the maintenance essential due to the deterioration of the current buildings that the company occupies next to the Humberto Delgado airport and which are very high given the age of the facilities," according to the newspaper Eco.

Christine Ourmières-Widener, CEO of TAP, quantified the works at 40 to 50 million, which makes it "more economical to rent a building" elsewhere.

In addition to saving on maintenance costs, TAP could make a substantial profit from the sale of the land and buildings in the so-called "TAP Redoubt". 

According to Parpública's report and accounts for the first half of 2014, the net value of the land and buildings was 146 million euros. Although not exhausted in that area, real estate assets are "essentially" limited to it, according to the company that manages the state's holdings.

Also according to the news source, the Aviation and Airport Workers Union (SITAVA) recalls, in a statement released, that number and adds that it "gives a good idea of the size of the value that real estate speculation is willing to pay today for these 23 hectares of land. It also adds that "perhaps multiply this value by ten". Adding zero, it would be 1,146 million.

TAP's latest report and accounts announced a net value of 105.74 million at the end of December 2021, divided between 41.13 million for the land and 64.61 million for the buildings. 

A lower sum than in 2014, due to the 95.33 million accounted for in depreciation and impairment losses on the buildings since the purchase, entered with the sum of 159.94 million.

The 29 buildings and surrounding land, which occupy an area of 22.45 hectares serve as collateral for two loans. 

In the same Annual Report it is also possible to read that "to guarantee the payment of the amounts due under a loan contract with a national institution for 75 million euros, a mortgage was set up on an urban building belonging to TAP S.A., consisting of twenty-nine buildings for offices, construction material workshops and others, located at Lisbon Airport.

In February 2020, one month before the pandemic arrived in Portugal, a second mortgage for 25 million was taken out. According to the carrier, at the end of December the amount referring to the two mutual contracts exceeded approximately 92.5 million euros.

For SITAVA, "TAP needs more capital to, for example, plug the scandalous hole in its business in Brazil. And where it seems to want to get it is precisely with the sale of the land that is company property. The rings go, and so do the fingers.

The change of installations, which, if it happens, will not include hangars and areas occupied by aircraft maintenance, is contested by the Workers' Commission and unions. One of the main concerns is parking, since the workers use the space that exists in the redoubt. Others are the canteen and the day care center.

Onderwerpen
Destaque Notícia Homepage Governo Hipoteca
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