Three Dolce Vita shopping centres are on the market for €15M

Three Dolce Vita shopping centres are on the market for €15M

Spanish bank Abanca, the main creditor of the companies which own these Portuguese shopping centres, is looking for companies interested in the shopping centres so as to recover part of the credits, which represent 50 million euro, reports newspaper Negocios this week. The sale’s announcement takes place after the creditors demanded for the insolvency of these three societies at the end of last year.

Dolce Vita Ovar is on the market for 8.3 million euro. It received a 33 million euro investment and Abanca claims credits of 21.8 million euro. The latest assessment valued it at 15 million euro.

Dolce Vita Miraflores is for sale for 5.4 million euro, of which Abanca claims 22.7 million euro in credits. Central Park is on the market for less than 1.5 million euro, with an assessed value of 5.5 million euro – the same amount claimed by the bank.

Since Chamartín’s bankruptcy in 2015 the country’s Dolce Vita shopping centres have been changing hands and upgraded. One such example is the Dolce Vita Tejo (now Ubbo), sold for 170 million euro to Baupost and Eurofund, in 2015, which sold it for 230 million euro to AXA IM three years later.


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