January, 09, 2023
The first week of the year was serene, but with some operations of relevance in the real estate market. Of note during the last few days, the hotel and retail segments with three shopping centres being transacted.
Earlier this week, Freixial Shopping, the shopping centre in the city of Cantanhede, has been sold to a Portuguese real estate investment fund. The value of the operation has not been disclosed. The asset is in a strategic and privileged location, on national road 234, which connects Coimbra to Praia da Mira, and has a total area of 11,400 m2, with 29 stores spread over 2 storeys.
The very next day, the PG Hotels & Resorts group announced an investment of 24 million euros in the acquisition and rehabilitation of a hotel in Alvor, in the district of Faro. This is one of the towers of the building that was once known as Luna Alvor Bay, and the hotel unit is expected to start operating in July 2024.
By the end of the week, the real estate investment company Finangeste acquired from BCP, in a partnership with national investors, the company that owns Forum Barreiro. Finangeste intends to invest 4 million euros in remodeling the asset, which has around 22,500m2, comprehending 90 stores. It also has 700 parking spaces, and is portrayed as one of the main shopping centres on the South Bank.
Still in this segment, it was announced that the Shopping Cidade do Porto was sold for 28 million euros. The Domingos Névoa Group purchased the company that owns and manages the asset from the Teixeira Duarte Group, in an operation worth 28 million euros. This is already the group’s third investment in commercial assets, in a year.
Finally, Memmo Hotels has acquired the Paul do Mar Sea View Hotel, located in the municipality of Calheta, on the island of Madeira. The hotel unit, which is shut, will be subject to extensive refurbishment works. This is the building where the Paul do Mar Sea View Hotel operated, with 60 rooms and a 4-star rating. The investment value has not been disclosed.