Dutchman Erik de Vlieger began buying property in Portugal in 1996, the year in which the then BelaOlhão canning factory was acquired by Zein Mayassi, a Lebanese businessman who wanted to relaunch this Algarve industry with high-quality products, in an investment estimated at tens of millions of euros.
But the plans of the new owner of BelaOlhão went awry, and from 2002 onwards the factory began to focus on the production of dog and cat food in sachets and cans, an activity that it continued for half a dozen years. Without prior warning, the factory closed on 3 November 2008, leaving 180 people unemployed, 120 of whom were women .
Meanwhile, Erik de Vlieger, who had moved from Amsterdam to the Algarve in 2006, founded Carvoeiro Branco and became one of the region’s leading property developers, developing projects such as the renovation of the old Mabor building, next to the Portimão riverside area, and recently announcing seven projects in Lagoa, worth 132 million euros.
January 27, 2025: Olhão City Council announces that it has sold, for 9.5 million euros, the property of the former animal feed factory BelaOlhão to Erik de Vlieger’s company, revealing that, “in that space, Carvoeiro Branco, a leading developer in the real estate sector, with almost 20 years of experience, will create a mixed-use project, which will integrate tourist and residential components”.
The project, which will be developed by Antrix, a subsidiary of Carvoeiro Branco, “will have around 500 apartments and a luxury hotel unit, in a construction area of approximately 70 thousand square meters”, details the municipality, in a statement.
The sales contract stipulates “a deadline for completion of the real estate project, which must be ready 96 months after the signing of the deed”.
Quoted in the municipal note, Erik de Vlieger highlights the strategic relevance of the investment, both for the company and for the city.
“We are committed to creating a development that redefines the standards of luxury and quality in Olhão, offering residents and visitors a unique experience. This project is a testament to Carvoeiro Branco’s commitment to the social and economic development of the region,” says Carvoeiro Branco’s CEO.
The contract established with the Olhão City Council, which had acquired the property in 2019 for 4.5 million euros, includes “the transfer to the municipality of 250 parking spaces, free of charge and without a term, which will create another parking space in the city”, highlights the municipality.
Regarding the conclusion of this process, the Mayor of Olhão, António Miguel Pina, said he was “pleased to conclude what was a major challenge that we took on around six years ago, when we decided to buy that space, transform it and create an anchor project for the development of the eastern part of the city”.
“This project promises to reinforce not only the urban landscape, but also the requalification efforts that the City Council has carried out in that area of the city, namely the renovation of Avenida 16 de Junho, which has expanded and enhanced the riverfront”, considers the mayor, quoted in the statement.
