retail-shopping-centers Market News: Spanish Real Estate Intelligence

CGD Sells Two Real Estate Funds to Arrow Global
8 October 2019 – The Caixa Geral de Depósitos (CGD) sold the real estate funds Beirafundo, in which 41.39% stake, and Iberia, to Norfin, a real estate investment fund manager owned by the Arrow Global Group. According to CGD, the book value of properties held by the Beirafundo and Iberia amounted to 34.514 million euros on June 30, 2019. The Beirafundo fund consists of three assets, all of which are in Lisbon: Blue Gardens, Real Forte III and Verde Parque. The Iberia Fund has assets including the Shopping Batalha, the Ovar Atlantic Park and the Edifício Polo Tecnológico Carnide, among others. Original Story: Jornal Expresso Adaptation/Translation: Richard D. K. Turner
Lisbon’s Liberdade 49 Converted into Luxury Residential Development
30 September 2019 – The building on Avenida da Liberdade 49, in Lisbon, which was once occupied by offices, will give way to a 3,035-m2 luxury residential development with 16 new one- to three-bedroom flats, along with a four-bedroom penthouse. Prices range from €621,600 to a high of €5.9 million. The duplex penthouse will have “pearl” of the venture, the penthouse, will have a 130 sqm (m2) rooftop with private pool and views of S. Jorge Castle and the Tagus River. Purchased at auction on October 18, 2016, Liberdade 49 will have flats and commerce. The new development will be completed during the first semester of 2021. Original Story: Idealista Photo: Castelhana/Prime Adaptation/Translation: Richard D. K. Turner
Mundicenter in Talks to Acquire Forum Aveiro for €90 Million
30 September 2019 – Mundicenter is near to finalising negotiations to acquire the Forum Aveiro for approximately 90 million euros, PropertyEU reported Friday. Inaugurated in 1998, the Forum Aveiro has 76 stores, 17,500 square meters of gross leasable area, covered parking, 56 flats, recreation areas and a hanging garden. Mundicenter currently manages eight shopping centres, including Amoreiras Shopping, Alvalade Shopping and Spacio Shopping in Lisbon, Arena Shopping in Torres Vedras, Oeiras Parque, Braga Parque, Strada Outlet, in Odivelas, and the Campus São João, in Porto. Last year, Mundicenter had earnings of €76.3 million and profits of €26.5 million. Original Story: Jornal de Negócios - Pedro Curvelo Adaptation/Translation: Richard D. K. Turner