CascaisVilla shopping centre has a new owner: Bain Capital Credit has sold the centre located at the entrance of Cascais to property developer Prime Portugal. CBRE advised Bain Capital Credit on the sale of the shopping centre to the property developer.
CascaisVilla is currently in operation, however the Cascais Municipal Master Plan already provides for its demolition and the construction of a mixed use project with mainly residential and commercial use, which is already being designed and Prime Portugal has hired an international architecture office for this purpose.
The new buildings will reinforce the town of Cascais with "modern architecture, but in harmony with the town's built heritage, with a continuous green space and a new central square for public use, promoting a pedestrian crossing that links the station area to the area where the Cascais market is currently located," reads a statement.
For Nuno Nunes, Senior Director of Capital Markets at CBRE Portugal, this is "a structuring operation that delivers an excellent result for all parties involved, but it is also an emblematic transaction, in the sense that it will give new life to the town of Cascais and to Cascais residents. At CBRE we are proud to know that we play an active role in the renovation and redevelopment of cities and this deal proves precisely that. In addition, this operation once again reinforces the solid image that Portugal has been able to maintain with international investors and its ability to position itself, even in a context of global uncertainty, as an attractive hub for attracting talent and attracting investment.
Filippo Buffa di Perrero, Co-founder and Managing Director of Prime Portugal, states that: "this operation is strategic for Prime Portugal's growth. We invest in the real estate of tomorrow and we are focused on being an active part in the construction of the cities of the future, delivering housing, commerce and work solutions that meet the expectations of the new generations. We know that this project will change the entrance to Cascais and we are certain that our team will dignify this town even more".