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

Retail Sector Leads Investment Activity in 2020
16 October 2020 - Cushman & Wakefield's latest edition of its Marketbeat Portugal Autumn 2020 has shown that even in a year which has been primarily defined by the Covid-19 pandemic, commercial real estate investment between January and September reached €2.33 billion, an increase of 36% year-on-year. The growth was primarily driven by the culmination of a few significant transactions as their average size doubled y-o-y to 67 million euros. The second quarter of this year, however, saw investment activity fall by 80% to a total of €141 million. Total investment estimates for this year stand at around €2.7 billion, a fall of 15% y-o-y. The largest transaction ever recorded in Portugal, Allianz Real Estate and Elo's acquisition of 50% of the joint venture Sierra Prime from Sonae Sierra and APG, involved an investment of approximately 800 million euros. The retail sector thus led investments, attracting 46% of the total (€1,058 million). The office sector followed, with 35% of the total (approx. €810 million), as Kildare Partners sold Lagoas Park to Henderson Park Capital Partners for €421 million and Finsolutia's PREOF portfolio to Cerberus for an estimated €150-170 million. Original Story: Diário Imobiliário Translation/Summary: Richard D. Turner
 
Israel’s Fortera Group to Build Skyline in Vila Nova de Gaia
14 October 2020 - The Israeli firm the Fortera Group will invest approximately 80 million euros to build its Skyline project in Vila Nova de Gaia, which will consist of a two-tower complex with flats, shops, services, a hotel and leisure facilities. Skyline, which will also have 600 parking spaces, will be located behind the Gaia City Hall, on Rua General Torres. Fortera plans to develop the 26,000 m2 plot of land in two phases. First, a 260-room hotel in a 20-story building, which will also have flats. The second phase will include a 2000-person capacity events centre, along with shops, services and leisure areas. Elad Dror, the CEO of Fortera, states that the construction of Skyline will start as early as 2021, and "will take approximately two to three years to complete." With sales prices between €3,000-€5,000/m2, Fortera expects to deliver another set of 60 flats by the end of the year, in Porto, Gaia and Espinho. Some of the flats came from the conversion of planned hotels into residences. Original Story: Jornal Expresso - Amadeu Araújo Translation/Summary: Richard D. Turner
 
Real Estate Investment Falls by 54% in Lisbon's ARU
12 October 2020 - Real estate investment in Lisbon's Urban Rehabilitation Area (ARU) totalled €603.6 million, as 1,525 properties were bought and sold during the second quarter of 2020. The previous quarter saw €1.303 billion in sales (-54%), including 2,913 transactions (-48%). The average amount per transaction also decreased, down by 12% q-o-q from 451,301 euros to 396,307 euros. The data was compiled by Confidencial Imobiliário and covered sales of buildings, flats and houses, including the residential sector, commercial, services and land. Original Story: Diário Imobiliário Translation/Summary: Richard D. Turner