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

El Corte Inglés Files Request to Build New Store in Porto
30 October 2019 The Spanish retailer El Corte Inglés has filed a Request for Prior Information (PIP) with the Porto City Council to erect a new store in the city. The retailer plans to build the new store on the grounds of the former Boavista railway station. The Spanish group’s exact plans for the new store, including its total area, depend on the city council’s response to the PIP. In early October, El Corte Inglés stated that the plot of land in Boavista, where the Spanish company had already considered building a store way back in 2003, continues to be “a strategic location” that “make commercial sense." Original Story: Idealista Adaptation/Translation: Richard D. K. Turner
Mercadona to Build Second Supermarket in Aveiro and Invest in Improvements to Surrounding Public Areas
30 October 2019 The Aveiro City Council approved the draft of the contract with Irmãdona Supermercados to build the chain's second supermarket in the city. Irmãdona owns the Mercadona chain of discount supermarkets. Irmãdona Supermercados agreed to a series of interventions to facilitate access to the new store. The chain will take over the construction of a roundabout on Alameda Silva Rocha and also install new rainwater drainage networks and street lighting. The City Council is forecasting a total expenditure by Irmãdona Supermercados of 278,962 euros (+VAT). Original Story: Notícias de Aveiro Adaptation/Translation: Richard D. K. Turner
Harbert Management Corporation in Talks to Acquire Portfolio of Shopping Centres from Sonae Capital
29 October 2019 – Sonae Capital is currently finalising talks to sell a portfolio of three shopping centres in Portugal to the US-based investment firm Harbert Management Corporation. The shopping centres in the portfolio include the LoureShopping in Loures, RioSul Shopping in Seixal, and 8th Avenue in São João da Madeira. The acquisition would be Harbert’s first foray into the Portuguese real estate market and comes after the firm has been hunting for possible acquisitions for a year. Sonae will reportedly sell the assets at an implicit yield of approximately 8%. The 42,000-m2 LoureShopping opened in 2005 and is owned equally by the Sierra Portugal Fund and the German fund Deka. 8th Avenue, with 20,000 m2 of surface area, opened two years later, has 125 stores and is wholly owned by the Sonae Sierra fund. RioSul Shopping, with 44,000 m2 and 130 stores, is also equally owned by Sonae Sierra Portugal and a pan-European fund. Original Story: Economia Online - Rita Neto Adaptation/Translation: Richard D. K. Turner