Management of the Transfer Processes
ASSESSMENT AND NEGOTIATION OF LAN TRANSFER TO PRIVATE INDIVIDUALS
The assets under the management of Infraestruturas de Portugal are vast and result of the need to purchase, build or remodel the railway lines and other associated infrastructures which are needed to operate the railway system.
Since this property started being acquired and built over 150 years ago, considering the successive changes in terms of rectification of designs, changes in the use, end of operations and remaining areas from expropriate processes, nowadays there is a vast set of assets available for valorization.
One of the possibilities consists of their transfer, with some constraints:
- “Property assets for real estate developments essentially related to tertiary and commercial functions in areas adjacent to railway infrastructures cannot be subject to full ownership transfer.“ (no. 2 of article nr 27 of DL 276/2003);
- Property in the public domain, as long as it is not necessary for railway operations, can be the object of transfer (by order of the ministers of finance and in charge) and integrated into the private domain of Infraestruturas de Portugal for later sale;
- In the disposal process, there are two entities that issue a binding opinion: the regulator and the Director-General of Treasury and Finance, which performs an analysis of the legal assumptions and of the expected value for the transfer;
- The value agreed upon for the transaction must be based on market values and requires the presentation of a justification report. Given the laws in force, the following stages of the process can be detailed: negotiation, signature of the purchase and sale commitment contract under a resolute condition, disposal and preparation of the purchase and sale deed. Taking into account the constraints and procedures defined in current legislation, there are assets (land and buildings) available for transfer, as they are not necessary for railway operation.