Fladgate buys Real Companhia Velha Gaia real estate
- Sunday 6 November 2011
Port producer The Fladgate Partnership has bought property in Vila Nova de Gaia from Real Companhia Velha in a deal worth nearly US$30m.
The cellars at Real Companhia Velha (Image: realcompanhiavelha.pt)
Fladgate, owner of Taylor’s and Fonseca, has acquired the offices, cellars and bottling facilities of the rival business.
The 98.3ha site in Vila Nova de Gaia will become Fladgate’s home for the next generation, according to CEO Adrian Bridge.
Bridge had earmarked a different site for the development, but moved to acquire the location when it was made available by Real Companhia Velha, for whom Fladgate has produced some basic Ports since 2003.
The deal is also part of the relocation of bottling and storage away from the historic centre of Vila Nova de Gaia, where lorries struggle to negotiate the narrow streets.
The RCV site is next to the motorway, but is bigger than Fladgate’s current needs – so the company will initially rent space back to RCV.
It will also invest nearly US$3m, according to reports, in upgrading the facilities.
Bridge said, ‘This is part of the strategic plan that I put in place some years ago to reorganise the company, placing the right assets in the right place: more Port storage next to the wineries in the Douro, bottling lines outside the historic area [of Vila Nova de Gaia] and increased tourism access in the historic centre.’