CBRE, a consulting firm in the provision of services in the real estate sector, has advised CentroNovoFunchal SA on the sale of La Vie Funchal Shopping Center to Open Real Estate Investment Fund CA Património Crescente, managed by Square Asset Management.
Information disclosed by CBRE today, through a press release sent to the editorial office, adds that “Square Asset Management is the largest independent management company for real estate funds in Portugal, with more than 1.8 billion assets under management, on behalf of private and institutional investors.”
Regarding the shopping center sub-sector, “they have been the most active buyers in Portugal for the past five years, with the acquisition of several reference shopping centers since 2017: Albufeira Terrace and CCC Portimão (2017), CoimbraShopping (2018), a portfolio of Four shopping malls in Portugal (2019), Forum Viseu and Forum Castelo Branco (Q1 2020), as well as several retail park acquisitions,” he notes.
The company selling the property, CentroNovoFunchal SA, is roughly 50% owned by HLP Fund, which is managed by ECS Capital, and about 40% by Grupo Oitante, along with other minority shareholders. In this transaction, the seller was notified by Uria Menéndez – Proença de Carvalho and NewCycle and the buyer was supported by RPE and Engexpor, according to the same note.
“We are pleased to have successfully completed the sale of Centro Comercial La Vie Funchal, one of the most popular shopping centers in Portugal in recent years. La Vie is clearly the main shopping center in Funchal and an excellent example of how the management of strategically located and well-performing retail assets continues to attract interest Institutional investors.
La Vie Funchal has an area of 16,000 square metres, 68 stores and 860 parking spaces. It is now fully occupied, and records a turnout of nearly 10 million visitors annually.
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