BPI purchased Picoas Plaza for €15M

BPI purchased Picoas Plaza for €15M

Imofomento closed the purchase for 15 million euro, in an operation which had the participation of consultant Cushman & Wakefield on behalf of CGD. According to CMVM, the transaction took place in July 2020 but was only formally concluded last December as pointed out by the consultant.

The shopping centre is located in the Portuguese capital, at number 65 Rua Tomás Ribeiro, and it has stores spread across 2 floors, with a total commercial area of 4.958 sqm, according to Inogi, the company in charge of managing the property in 2020. The building also has a wide food court with outdoor areas and garden, a Fitness Hut sports club and a parking lot with 513 spots.

Shopping Centre Picoas Plaza was inaugurated in 2001, and in 2002 it received an honourable mention at the Prémios Valmor architectural awards. Until now, the shopping centre already had several owners.

In 2006, Amorim Imobiliária and Banif Gestão de Activos bought the building seeking to revive the shopping centre and to renew traditional areas of Lisbon, and Retailgest, a company belonging to Amorim Imobiliária, was in charge of its management. In 2007, in what was then considered a “historical transaction”, Spanish group Chamartín acquired Amorim’s shopping centre business and in the following years, added all shopping centres under a common brand: Dolce Vita. Chamartín Imobiliária SGPS started selling its assets in Portugal in 2015, amongst which the Picoas Plaza, due to insolvency.

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