Domingos Névoa buys Shopping Cidade do Porto

Domingos Névoa buys Shopping Cidade do Porto
Shopping Cidade do Porto

The Domingos Névoa Group has bought the entire company that owns and manages Shopping Cidade do Porto from Teixeira Duarte Group, in a transaction estimated at 28 million euros.

"This is the third investment of this type by the Braga business group in the space of a year, after the purchase of Braga Retail Center and Mira Maia Shopping. They join the assets in the portfolio located in Beja and Darque (Viana do Castelo)," according to a statement quoted by Negócios.

The Braga group has thus acquired from Teixeira Duarte Group 100% of the company owning and managing the Porto shopping centre, with around 15,000 square metres of lettable area, spread over four floors, and a total of 90 shops. The shopping centre is integrated in a real estate complex comprising offices, a hotel and a covered car park with 560 spaces.

"Last year, we signalled our intention to be protagonists in this business segment. The acquisition of Shopping Cidade do Porto and its car park is an important step in the strategy outlined, not only for what it represents in business terms but also for the social and economic dynamics of the Invicta region", said Bruno Névoa, CEO and shareholder of the Domingos Névoa Group, according to a statement quoted by the same newspaper.

Sousa Ribeiro, general manager of the Domingos Névoa Group in this area, said that in the "coming months the renewed vision" for the shopping centre will be worked out.

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