A long-running dispute over prime land in Portugal’s Comporta region appears to be nearing resolution,as Zaphira Capital has reportedly secured a €25 million deal for two previously contested parcels. The acquisition,involving a complex share purchase of DCR & HDC Developments,unlocks potential progress within the exclusive Dunas condominium and follows a 2019 sale that was partially blocked by a dissenting shareholder. This deal comes after an arbitration court mandated the sale at a minimum price, signaling a potential boost to luxury tourism and residential development in the area.
A deal is in the works for two land parcels previously excluded from a 2019 sale, potentially unlocking further development within the exclusive Comporta region of Portugal. The parcels, located in the Carvalhal tourist development area, are set to be acquired by Zaphira Capital, a Lisbon-based investment and real estate development firm, for €25 million.
The proposed acquisition involves 100% of the shares of DCR & HDC Developments – Atividades Imobiliárias, Lda., a special purpose vehicle (SPV) jointly owned by Herdade da Comporta – Fundo Especial de Investimento Imobiliário Fechado (in liquidation) and DCR Comporta GmbH, a German real estate developer. The deal includes all associated credits held by the shareholders.
These two lots were previously excluded from the 2019 sale of assets from the Herdade da Comporta fund to a consortium of Vanguard Properties and Amorim Luxury. At the time, DCR Comporta GmbH, holding a 50% stake in the SPV, exercised its right of opposition, effectively blocking the sale. This opposition led to a price adjustment on the overall transaction, reducing the final sale price to €157.5 million from an initial offer of €158.2 million.
According to information shared with potential investors, the two land parcels collectively span 11.5 hectares and offer a total gross buildable area of 13,800 square meters. Lot 13 covers 8.3 hectares with 10,000 square meters of buildable area, while Lot 14 encompasses 3.1 hectares with 3,800 square meters. The properties are situated within the Dunas real estate development, a low-density private condominium near the Praia do Pêgo beach in Grândola.
The sale process, initiated after a binding proposal deadline of December 31, 2025, moved into a negotiation phase with selected bidders. A final communication to the chosen buyer was anticipated by January 16, 2026. Sources indicate that Adriano Lucas, managing partner of Zaphira Capital and administrator of the CPU consultancy, has had his €25 million proposal accepted, though the purchase and sale agreement has not yet been signed.
The protracted sales process followed a ruling in an arbitration court that mandated the sale of the asset for a minimum of €25 million, stemming from disagreements over the initial sale process. The land’s prime location, nestled between properties owned by Amorim Luxury and Vanguard Properties, has made it a highly sought-after asset.
The properties are marketed as offering a “premium” location within an exclusive, sustainable, and low-density condominium. Amenities include a golf course designed by David McLay-Kidd, as well as planned sports facilities such as tennis and padel courts, swimming pools, and a gym. The area benefits from its proximity to Lisbon (approximately one hour by car) and easy access to major European capitals.
The investment teaser highlights the region’s unspoiled landscape, featuring 60 km of pristine beaches, rice paddies, pine forests, and picturesque villages. It positions the DCR & HDC holdings as a high-value investment opportunity, particularly within the luxury tourism and residential segments, with the Dunas project already including two luxury hotels.
Potential buyers were informed that the transaction encompasses the acquisition of all shares in DCR & HDC, including any supplementary capital contributions and associated credits held by both Herdade da Comporta and DCR Comporta GmbH. The sellers prioritized price attractiveness, the buyer’s ability to complete the transaction on schedule, financial capacity, and the binding nature of the offer when evaluating proposals.
Zaphira Capital, founded in 2020, is a single-family office and private holding company focused on investing, developing, and managing high-end real estate assets in Portugal, with a strong presence in Lisbon and Cascais. Adriano Lucas also serves on the board of directors of CPU, a leading real estate services company based in Portugal since 2008.
Requests for comment from Adriano Lucas, Hugo Moretti Gomes (manager designated by DCR Comporta GMBH), and João Sousa e Moura (manager designated by Herdade da Comporta) went unanswered.
