• Transaction / Assets
    Auchan Acquires Three Shopping Centres from Blackstone
  • Seller
    Blackstone
  • Buyer
    Auchan - Tiekenveen
  • € MM

The Owner of the Jumbo Supermarkets Buys Forum Sintra and Forum Montijo

23 January 2018

The purchase and sale of shopping centres is booming in Portugal. Following the recent announcement of the sale of the Dolce Vita Tejo shopping malls, the deal regarding the three other significant retailers was announced on Tuesday. They include the Sintra Retail Park, Sintra Forum and Forum Montijo, which the Auchan group acquired from the Blackstone investment fund.

The information was published in a notice by the Competition Authority, dated January 16. The entity was notified of the acquisition of the property by Tiekenveen, a holding company belonging to Immochan, which in turn is a subsidiary of the Auchan group.

The amount of the sale was not disclosed, but AdC’s statement reveals some details. The purchase of Forum Montijo “includes the area dedicated to hypermarket operations and excludes the fuel supply station.”

The acquisition of Multi 25, owner of Forum Sintra, excludes “areas dedicated to hypermarket operations”, which currently belongs to Jerónimo Martins.

The owner of Jumbo and Pão de Açúcar also owns the Alegro de Setúbal and Alfragide shopping centres.

The American fund Blackstone announced its intention to sell the four shopping centres it owns in Portugal during the summer of 2017. The Almada Forum was the only mall left out of the proposed sale.

According to Bloomberg, Blackstone expected to raise between 750 and 900 million euros with the transactions. Should that expectation be fulfilled, it would constitute the most significant real estate deal of the decade in Portugal.

This week also saw the announcement of the sale, for 230 million euros, of Dolce Vita Tejo to AXA Investment Managers.

Original Story: Dinheiro Vivo – Ana Sanlez

Translation: Richard Turner