CB Richard Ellis has ridden in as Freeport's white knight. The property agent's EUR210 million (£148.8 million) valuation of the Freeport Lisboa Designer Outlet boosts the value of the company, just after it had a close shave with a hostile takeover.
In May, Freeport was stalked by a management buy-in team, consisting of UK businessmen Iestyn Roberts, Chris Howell and Nigel Wright, advised by KPMG Corporate Finance. They pulled out after the Freeport board refused permission for them to carry out due diligence.
The designer outlet centre in Lisbon will cost EUR170 million (£120.5 million) and is scheduled to open to coincide with next summer's Euro 2004 football championships.
Freeport has agreed terms with retailers to let more than half of the space. Another quarter is under negotiation.
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