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corticeira amorim

Corticeira Amorim buys land owned by Novo Banco in the former Herdade de Rio Frio for €22.3 million – Executive Digest

On Thursday, Corticeira Amorim announced before the Securities Exchange Commission (CMVM) its acquisition of 1,855 hectares of land owned by Novo Banco, for a total amount of €22.3 million, through its subsidiary Cold River’s Homestead SA. The company thus acquires another plot of land in the former Herdade de Rio Frio.

According to the communication to CMVM, this property includes “a group of forested properties that are part of the former Herdade de Rio Frio and adjacent to properties already owned by Cold River’s Homestead SA”.

With this acquisition, Corticeira Amorim intends to improve the productivity of the agroforestry activity in the Herdade de Rio Frio, by implementing intensification in this cork oak forest.

“Maintaining Montado and ecosystem services is one of the strategic goals of Corticeira Amorim, which intends to continue its active participation in intervening in new areas of cork oak through land purchases, leases or partnerships,” the company explains in a statement.

In these new lands, the company intends to develop applied research on the effects of irrigation, fertilization, nutrition and soils on cork oaks and to help promote the implementation of new technologies for cultivation and management of the cork oak forest.

It must be remembered that Herdade de Rio Frio, in the municipality of Palmilla, was one of the most important plantations in the country, with the largest continuous vineyard in the world. As agriculture lost its momentum in the national territory, this region failed to renew itself.