real-estate-transactions Market News: Spanish Real Estate Intelligence

HIP Acquires The Lake SPA Resort in Vilamoura
14 January 2020 The Spanish investment firm Hotel Investment Partners (HIP) has acquired The Lake Spa Resort in Vilamoura from Oxy Capital for an undisclosed amount. HIP will now remodel the facility, which currently has an artificial lake, three restaurants and two bars. The firm subsequently intends to change the brand, inviting a new operator to take over management of the luxury resort. The five-star hotel was previously managed by Blue & Green. The Spanish firm, which is controlled by the US investment giant Blackstone, began its international expansion a few months ago with its acquisition of five hotels in Greece. Original Story: Economia Online - Catarina Melo Translation/Summary: Richard D. Turner
Sonae Sierra Sells Portfolio of Shopping Centres to Harbert for €170 Million
14 January 2020 The US investment group Harbert Management has acquired a portfolio of shopping centres from Sonae Sierra for 170 million euros. The deal represents the US firm’s first acquisition in Portugal. The two firms finalised the sale at the end of 2019. The portfolio includes LoureShopping, a 42,000 m² shopping centre on the outskirts of Lisbon and the 44,000 m2 Rio Sul, in Seixal, both of which Sonae Sierra controlled together with the German fund Deka. Sonae also sold the 8th Avenue shopping centre, in São João da Madeira. The mall has a total of 20,000 m2 of surface area, including 125 stores. Original Story: Idealista Translation/Summary: Richard D. Turner
CGD Sells Nova Arcada Shopping Centre to MDSR for €45 Million
10 January 2020 Portugal’s Caixa Geral de Depósitos (CGD) has sold the Nova Arcada shopping centre in Braga to the Israeli fund MDSR for approximately 45 million euros. The deal represents MDSR’s first acquisition in Portugal. MDSR already has a portfolio with over 30 assets in Spain. The shopping centre, which began operating under its current name and management in March 2017, has more than 71,000 square meters of surface area. The 108-store mall has an IKEA and a healthcare unit,  Trofa Saúde. Sonae Sierra will continue to manage the asset. Original Story: Jornal Econômico - Rita Neto Translation/Summary: Richard D. Turner