On 17 November 2022, TF Turismo Fundos - SGOIC, S.A. ("Turismo Fundos") launched Call 50 | Tourism and Industry ("Call 50"), a €50 million support facility for companies in the tourism and industry sectors.
Call 50 was approved as part of the financial support measures for industry and the "Reactivating Tourism | Building the Future" Action Plan. The main objective of Call 50 is to provide its recipients with the liquidity they need to invest in the adaptation, upgrading and modernisation of real estate allocated to tourism or industrial activity, or in the reconversion to tourism activity of real estate not allocated to such activity and located in Low Density Territories (Territórios de Baixa Densidade – "TBD"). Call 50 will prioritise investments that contribute to environmental, social and economic sustainability. It will also be possible to apply the financial resources obtained under Call 50 to settle debts to financial institutions and to invest in working capital.
This financial instrument will be implemented through the purchase of real estate and its subsequent leasing to the companies receiving the support in question (with option or obligation of (re)purchase by these companies), in the maximum amount of €6 million per operation, in the following forms:
Sale and leaseback operations
Companies that own properties allocated to tourism or industrial activities.
Sale, invest and lease operations
Companies which, although not owners of real estate allocated to tourism activities, plan to invest in its requalification and subsequent leasing.
Companies which own real estate not allocated to tourism activity and located in a TBD, that propose to invest in the reconversion of that real estate for tourism use and to subsequently lease it out.
Call 50 will remain in force until Turismo Fundos considers that its objectives have been met.
See the details of the measure and the eligibility conditions here.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.