Any GV Investors in Rossio Palace?

Residencies & citizenships Portugal Golden Visa šŸ‡µšŸ‡¹
42

It sounds similar to blue palace hotel in Lisbon by Quantum Capital albeit at a lower price point.

Iā€™m at my wits end trying to decide between Mercan and Quantum and now even Rossio.

As some other member stated , I would be thrilled if I get my money back and some upside , less thrilled but happy if I get the original money back and upset and angry even depending on the amount I get back.

Is anyone else concerned by the number of hotel projects slated for resale 7-10 years down the line ?

Thanks

43

I am itā€™s a cash grab now. And when this program goes away whatā€™s to say these companies just donā€™t disappear as they donā€™t need new people.

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44

I guess the assumption is you own a share of the land/plot or the firm that owns the land and building. so even if the construction and subsequent hotel contract does not pan out, you still have a share of the land. Hmmā€¦maybe open ended funds are a better way ?

45

Developers make money when they sell the entire project. Investors via the GV program are basically interest free or low interest loans to fund the construction and initial operation of the hotel. Once operational and the revenue stream established that sets the value of the project.

Itā€™s critical that the business plan, for the hotel, is plausible in order to get the sale price necessary to pay back the GV investors and make a profit.

I feel the risk now is for projects that havenā€™t started construction as permitting is a long drawn out process.

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46

What happened to their businesses in Denmark?

47

What did you hear about it? I have not seen anything about their business in Denmark!

48

Just what I pasted, this post form another user. I donā€™t know the specifics or what they are referring to:

ā€œWe looked closely at Rossio Palace 3. It is very cleverly marketed and beautifully designed. We looked closely at the 2 principals - Filipe and Matilde. You can easily find their other businesses in Denmark as well as her companies in the Danish registry. Rossio Palace 3 was registered in Denmark in 2017. We suggest that anyone looking at Rossio Palace 3 to investigate their businesses in Denmark. Yes Filipe lives in Denmark.ā€

49

If you have a VPN set it to Denmark then Google them, go to the Danish company registry to check them out, thereā€™s much to see and help make up your own mind

50

Okay, just did and found some concerning stuff. Iā€™ve already paid the reservation amount (a few weeks ago) and now Iā€™m blaming myself for not being thorough with my research. Anyone who has already invested or reserved a slot here? Want to read their opinions.

51

What did you find or can you share links.

52

It seems that their businesses are still registered and thus, should be running/valid. I havenā€™t made a recent search of the Danish Business Registry. No need for a VPN - itā€™s easy to find as itā€™s a government database. You might need to search under its name in Danish: CVR - Det Centrale Virksomhedsregister

My point was that the principals in Rossio Palace do not seem to have any experience that I can see of refurbishing properties never mind refurbishing one in Portugal. They are relatively recent MBAs as I recall. And both live in Copenhagen. Not saying they couldnā€™t be successful but they do not have the track record of say Mercan (maybe for better or worse)

53

What is the concerning stuff? In the same position.

54

Hereā€™s one thatā€™s a day old (thereā€™s more related articles): Minus i fĆørste Ć„r efter Freshland-genstart ā€” FĆødevareWatch

Itā€™s a danish article behind a paywall. I have no idea how reputable/reliable this site is and how much this should concern me tbh.

55

After I saw this , I was checking with Mathilde and got the response from her as below. I invested in Rossio already and hope this below info could be useful for all the investors and potential investors to make a decision.

We are aware that there has been some chatter about one of our companies, Fresh.Land, going on on Nomad gate. We would like to address this at once.

Rossio Palace and Fresh.Land are independent companies with independent economies.

Fresh.Land was founded in 2015 as a passion project to help farmers break free from middlemen and bring fresh, natural raw products in season straight from the farm to the consumer. Its an innovative digital model, challenging the existing food supply chain where products are chemically treated and stored for months in cold chambers. Fresh.land has won many prizes and awards for rethinking a more sustainable food supply chain.

Like most Ecom companies, Fresh.Land experienced extreme growth during Covid, but when restrictions were lifted, sales dropped substantially. We had to cut costs rapidly and restructuring the group.

The Danish sales subsidiary was closed in February 2022 and 50 employees were laid off in Denmark, while operations continued in Portugal, Spain, Denmark and Sweden.

This downturn in the marked, affected all companies in the e-commerce food space. Hello Fresh lost 60% of their market cap in Q1/2022. The biggest player, Aarstiderne, were interviewed for an article about the difficult times, where they compared 2022 with the years during the financial crisis and called it a ā€œnear death experienceā€. All the supermarkeds that went online during covid (FĆøtex, Coop etc.) have closed their online division after significants losses. The only online supermarked left in Denmark is nemlig.com, which reported the biggest loss in its history in 2022.

Some journalists in their search for ā€œclick batesā€ profited from our brand recognition, by publishing some sensational articles portraying Filipe and I as culprits, which has no truth in it. We have no court cases neither personally nor with any of our companies. This was also addressed to the journalist in below email:

ā€œHi Simone, You must correct the false information you write about us in FĆødevareWatch. There are no legal proceedings against us as individuals nor our companies and any recommendation for bankruptcy quarantine has been waived, as the trustee agrees with us that there is no basis with the documentation that has been provided. Your journalism is bordering being harassment. You must remember that you represent a media for the food industry - not against the food industry. I have no further comments. Best, Mathildeā€

If in doubt that Fresh.Land still exists and is going strong, feel free to go to Instagram (there is plenty of external validation, that Fresh.Land is a company loved by our customers and farmers):

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56

I am also an investor in Rossio Palace.

Here is a link to an article from April 2023 that should help provide additional perspective from the businessā€™ viewpoint. At the end of the day this process has an element of risk for all of us and we all deal with it differently!

57

I wish you luck with this project. We seriously considered Mercan, but ended up with a VC fund instead. Mercanā€™s guaranteed buyback was attractive and as a business model itā€™s understandable - but as I understand Portuguese law, there is no ā€œspecific performanceā€. This means if Mercan were to balk at buying you back, you would not be able to force them to purchase your real estate interest. Iā€™ve been impressed with what Mercan has done with their properties, but was concerned about being a part owner of a hotel for longer than anticipated should the market turn and Mercan chose to not repurchase. I understand Rossio Palace is different, but I wouldnā€™t let that one particular difference between that and Mercan sway you.

58

Hi all. A question for those who have already signed up with Rossio Palace. The draft contracts on the Rossio portal suggest the Construction company will be RIAL (Very experienced large firm - easy to do due diligence on them). On reviewing the documents sent to me for signature, RIAL has been replaced with a smaller firm - Viarmf Step2success, Unipessoal, Lda (Much harder to find information about them). Were your construction contracts with RIAL or Step2Succeess? Iā€™d be interested if anyone had done any research on this? Thank you

59

Is there anyone who is still considering to get on board with Rossio Palace?

60

Hi! I invested in Blue Palace. Our GV submissions are officially in. Anybody else invest with them? Would love to have a little group going. Thanks!