Fórum Castelo Branco was sold to Square AM for €20.35M

Fórum Castelo Branco was sold to Square AM for €20.35M

The information was advanced this Thursday by consultant JLL, which advised the operation on behalf of the seller, which, according to Negócios, was German real estate management company Patrizia. 

The Portuguese management company carried out this transaction through real estate open investment fund CA Património Crescente. This is, according to the information advanced by Square AM to IP, a fund marketed by Caixa Central do Crédito Agrícola, which ended last year with 763 million euro under management, and a 5.55% yield.

Fernando Ferreira, in charge of Capital Markets at JLL, considers that «this deal proves that investment in Portugal is becoming less and less restricted to Lisbon and Porto and that, particularly in retail, more than location, investors are interested in the asset’s performance and its ability to generate revenues».

This asset’s yield is 100% assured, since all the 70 stores that constitute it are currently occupied. Among the brands represented are Zara, H&M, Worten, Sport Zone and Pingo Doce, but the latter was excluded from the transaction, according to the same report. This shopping - which has a surface of 18.120 sqm - receives more than 2.6 million visitors per year and, according to Fernando Ferreira, has «enormous potential for future valuation».

The real estate investment funds management company did not make any comments to VI about the deal until now. The latest data from the Mercado de Valores Imobiliários (Portuguese Securities Market Commission) revealed that Square AM closed 2019 with the second highest market share for its segment: 11.3%. In this race, Interfundos came first, with a 12.9% market share and Norfin third with 9.6%.

Last Updated at 9:30 a.m. on 26/2/2020

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