This Monday, Mitiska REIM, through its First Retail International 2 fund, announced its entry into Portugal with the purchase of Parque Mondego in Coimbra and Focus Park Canidelo in Gaia, from CBRE GI and Temprano Capital Markets, respectively, trades that were closed at the end of last month.
On that same day, the Sierra Fund announced the sale of AlbufeiraShopping and the Continente Shopping Center in Portimão for €36 million (jointly) to CA Património Crescimento, a fund managed by Square AM, an operation that was also closed last month.
At the start of the year, were closed purchases of Dolce Vita Tejo, by AXA IM, from Baupost and Eurofund for €230 million and three Blackstone shopping centers: Sintra Retail Park, Forum Sintra and Forum Montijo (in addition to Forum Montijo supermarket), now in the hands of French Immochan, for about €400 million.
And the retail investment will not end here, since it is known that the sale of the Almada Forum, in advanced negotiation phase, will be closed soon, another shopping center that the American fund wants to sell, this year, to the Spanish Merlin. The asset is valued at around €450 million.
On the other hand, the Spanish Bank Abanca advanced with three insolvency applications relating to three Chamartín shopping centers in greater Lisbon and another in Ovar, namely the owner of Central Park in Linda-a-Velha, Dolce Vita Miraflores and the owner of Dolce Vita Ovar. There are three more companies / shopping centers that can change hands soon.
Nova Arcada Shopping Center in Braga was also put on sale by CGD at the end of last year, a process that will be led by C&W. This is another shopping center whose promotion was initiated by the extinct Chamartín, with financing from the Portuguese public bank.
At a recent conference that CBRE and Expresso organized on the forecasts for Portuguese real estate in 2018, Nuno Nunes, Senior Director of Capital Markets, said that this year retail will represent most of the volume invested in commercial real estate in the our country. In particular, “there are 8 to 10 shopping centers to be transacted'. And for now, at least 4 operations have already closed this January.