LAT40.7752° N
LNG7.0644° W
ALT624 m
A position
not yet taken.
Western Europe has 20 FIA Grade 1 circuits.
Iberia has four. Northern Portugal — none.
The map →
02 / The Project
What it looks like.
The masterplan made visible. The racetrack as designed, the hospitality, training and residential components that compose the estate.
⚠ Illustrative renders — not yet built. Source: Terras Altas masterplan, May 2026.
Render · Proposed
Racetrack · Master Layout
The full circuit plan — main track, karting loops, paddock, parking infrastructure.
03 / The Geography
600 km
of empty asphalt.
From Pinhel, the nearest FIA Grade 1 circuit is roughly 350 km away. The Iberian interior — between Madrid and Porto, encompassing Salamanca, the Beira, Castilla y León — has no top-tier homologated venue.
Salamanca direct via A-62
150 km · 1h45
Porto second city of Portugal
190 km · 2h00
Lisbon capital
330 km · 3h15
Madrid nearest capital east
360 km · 3h30
Estoril nearest FIA Grade 1
360 km · 3h30
Drivable catchment ~ 5–6M people within 2h · ~12M within 4h
04 / Where Supply Meets Demand
The math, not the pitch.
+93%10y
European motorsports market expansion
Market Data Forecast · 2025
7%
Automotive industry share of EU GDP — 14M jobs, €170B exports
McKinsey / ACEA Pocket Guide 2024–25
1.1M
US average F1 viewers per race 2024 · Miami GP peak 3.1M
Sportcal · ESPN data · 2024
$4.6B→ $20B+
F1 enterprise value · 2017 (Liberty) → 2023 (PIF approach)
Bloomberg · Jan 2023
$6B
Mercedes F1 team valuation · Toto Wolff partial sale 2025
Private Equity Insights · 2025
+5×
Experiential luxury vs. personal goods growth — Bain–Altagamma 2024
Bain & Company · Altagamma · Nov 2024
05 / What Already Exists
Three precedents.
One unfilled gap.
Private member circuits exist. They sell out. They trade. The model is proven — what's missing is one in the Iberian interior, within drive-time of two capitals.
ES · Ronda, Spain
Ascari Race Resort
5.425 km · FIA approved · longest circuit in Spain
Members (capped)500
Track days / year104+
Entry fee€40k+
2023 acquisition~€25M
DE · Bad Driburg
Bilster Berg
4.274 km · Tilke + Röhrl design · opened 2013
Shareholders~180
Annual track days~80
Exclusive weekends8
Used byOEMs · ADAS
US · New York
Monticello Motor Club
6.6 km · 22 corners · est. 2008
Entry fee$125k
Annual minimum$7.5k
Members includeSeinfeld · Gordon
ModelMembers-only
06 / The Capital Signal
Where institutional money is going.
Sovereign wealth, PE, family offices — they have been re-pricing motorsport assets upward for eight consecutive years. Hover over the timeline.
SIGNAL
Average F1 team valuation now sits at ~$2.3B. Six years ago, some teams traded at sub-$200M.
BLACKBOOK MOTORSPORT · 2025
2017
$4.6B
2023
$20B+
2024
PIF · CYVN
2025
$6B
F1 ACQUIREDPIF APPROACHMCLAREN MOVESMERCEDES SALE
Liberty Media acquires F1$4.6B enterprise value · January 2017 · the floor.
07 / Where the Revenue Comes From
Four demand vectors.
Each independent.
01
VECTOR 01
OEM testing
without observation.
Porsche operates branded Track Experience programmes at Portimão. Bilster Berg runs prototype calibration and ADAS testing for OEMs who require isolation. Pinhel inherits the same use-case — within drive distance of Madrid.
PORSCHE EXPERIENCE · BILSTER BERG · 2024–25
02
VECTOR 02
Private testing
by championship teams.
F1 pre-season testing has historically been hosted at Jerez, Portimão, Catalunya. WEC, ELMS, MotoGP rotate through. A new Grade 1 venue in the Iberian interior is a complementary booking — not a competitor.
FIA · WIKIPEDIA · ALGARVE CIRCUIT
03
VECTOR 03
Member circuit
with a waitlist.
Ascari is capped at 500 members and changed hands at ~€25M. Bilster Berg admits new shareholders only on existing-shareholder exit. Monticello costs $125k to enter. The model is proven — and saturated.
ASCARI · BILSTER BERG · MONTICELLO
04
VECTOR 04
Motorsport tourism
that flows around F1.
F1 returns to Portugal for the 2027 and 2028 seasons. During prior editions, Algarve hotels approached 100% occupancy. The Las Vegas GP generated >$1.5B against $500M of infrastructure — the spillover model is documented.
PORTUGAL PM · 2025 · WTTC
08 / 365 Days · One Infrastructure
365 days.
One infrastructure.
A circuit is a fixed-cost asset. To make it work, the asphalt sells the days the circuit doesn't.
F1 Grand Prix
2027 · 2028
2027 · 2028
Portugal hosting fee historically near $25M. Algarve approached 100% occupancy during prior editions. Pinhel is a candidate venue for 2027–28.
Headline event
MotoGP / WorldSBK
annual round
annual round
FIM Grade A is equivalent to FIA Grade 1. WorldSBK runs 13 rounds, MotoGP ~22. Hosting fees for similar events are in the €10–15M range.
High-margin
Formula E
permanent circuit
permanent circuit
561M total reach in 2024–25 season. Currently all street circuits in Europe. A permanent FIA circuit homologated for Formula E is a category gap.
Growing
GT · WEC · ELMS
year-round
year-round
European Le Mans Series runs six rounds. Hypercar era has revived endurance racing globally. WEC, ELMS, GT World Challenge — all candidates.
Year-round
OEM Testing
private contracts
private contracts
Granite-base terrain at 624m altitude provides altitude testing conditions. Bilster Berg model: private prototype testing, no public observation, recurring OEM contracts.
B2B recurring
Member Circuit
track days
track days
Ascari member model with ~90% margin on track days. Entry fees €40k+ at Ascari, $125k at Monticello — and both are waitlisted.
Membership
Festivals
built-in infrastructure
built-in infrastructure
Goodwood-style festivals. Silverstone Festival drew 500k visitors in 2025. Paddock infrastructure means near-zero build cost for the venue.
High capacity
Concerts
stadium-scale
stadium-scale
Pollstar reports $9.17B in stadium tour revenue (2023). NOS Alive proves the Portuguese music market. Pinhel sits 2h from Porto — capture distance.
High-traffic
Trade Fairs
40,000 m² capacity
40,000 m² capacity
The paddock and Paddock Club provide 40,000 m² of indoor convention-class space, capacity for 3,000–4,000 attendees. Exclusive bookings, no convention-center competition.
Premium B2B
Esports
physical broadcast
physical broadcast
F1 Esports Series, Gran Turismo, iRacing — events producing 16.9M+ viewers. Pre-built broadcast infrastructure means esports is a year-one use case.
Growing category
MICE & Conventions
corporate retreats
corporate retreats
Paddock hospitality at 3,000–4,000 pax, media centre at 300–400 seats. Companies book circuits for product launches, team incentives. Year-round demand.
High-margin B2B
Film & Content
production hub
production hub
ITV, Netflix, Amazon Prime — automotive content (Top Gear, The Grand Tour, Drive to Survive). Controlled environment, no permits, variable configurations.
Established use
Separate but connected — the off-road campus shares access infrastructure with the circuit but operates as an independent ecosystem, open 365 days regardless of the track calendar.
Cycling Trails
& Gravel Routes
& Gravel Routes
The FIA mandatory service road (~5 km perimeter) is paved as a continuous cycling loop. The Beira Alta plateau offers some of the least-trafficked gravel roads in Western Europe — Serra da Estrela is already a UCI-recognised cycling destination.
€53.3B EU cycle tourism
Off-Road Circuit
Enduro & Dirt
Enduro & Dirt
A dedicated dirt/gravel loop adjacent to the main complex — FIM-approvable for cross-country and enduro events. The granite geology and natural elevation changes of Pinhel's terrain require zero artificial shaping for a technical off-road course.
CAGR 7.77% gravel bike
Trail Running
& Outdoor Endurance
& Outdoor Endurance
The region bordering Serra da Estrela Natural Park is already an endurance sport destination. The complex provides the base infrastructure — showers, physio, timing, parking — that outdoor events lack. Trail marathons, ultra-distances and triathlon transition zones.
€44B EuroVelo network
Driving School
Skid Pad & Car Control
Skid Pad & Car Control
A wet concrete skid pad in the paddock area — the gateway product. Lower cost, lower risk, open to non-race licence holders. Attracts enthusiasts, police/emergency services training, corporate team days.
Daily revenue · funnel
Karting Circuit
open access
open access
A dedicated karting loop featured in the master layout — entry-level motorsport for guests of all ages, corporate days and youth programmes. Direct conversion pathway into circuit membership.
Gateway motorsport
Endurance Events
hosted & timed
hosted & timed
The estate’s timing infrastructure, hospitality and parking make it a natural host for trail marathons, ultra-distances, gravel sportives and triathlons — the venue adds what outdoor events lack.
Event hosting
09 / The Country the Asset Sits In
Portugal, quietly.
Not the headline. Not the hype. A safer, cheaper, more accessible Western European jurisdiction than the comparables — with capital programmes already in motion.
7th
Global Peace Index 2024 · 5th in Europe
IEP · Vision of Humanity
€27.7B
Tourism revenue 2024 · +8.8% YoY
Banco de Portugal · INE
21.3%
Tourism share of GDP · 1.2M jobs
WTTC 2024
€7.3B
Cumulative Golden Visa FDI since 2012
AIMA · 2025
F1
Returning to Portugal 2027 & 2028
PM Montenegro · Dec 2025
Three sites are being developed under one masterplan in the district of Guarda. This page is about one of them.
10 / The Position
First movers don't get the
premium. They set it.
— Western Europe · 2026 · 1 of 1
Materials available upon request.