Three More Chamartín Shopping Centres to Enter Insolvency

22 January 2018

The Spanish bank Abanca filed bankruptcy claims against three Chamartín shopping centres in Greater Lisbon and another in Ovar. 30 million euros in outstanding loans consitute the basis of the request.

The claims were lodged against Aplicación Urbana XIII (owner of Central Park, in Linda-a-Velha), with loans totalling 5.4 million euros, Dolce Vita Miraflores (10 million euros) and Sportsforum, owner of Dolce Vita Ovar (14.9 million euros).

According to Expresso, the three companies are owned by Aplicação Urbana Retail, which in turn belongs to the Aplicação Urbana Imobiliária SGPS, part of Chamartín’s Portuguese subsidiary. Abanca will propose that judicial administration be handed over to Jorge Calvete, who has already conducted other insolvency proceedings relating to Chamartín.

Urban Application XIII has assets worth 9.8 million euros, and liabilities of €7 million. Dolce Vita Miraflores has assets of 15.8 million euros and liabilities of €22 million, while Sportsforum has 10 million euros in assets and debts of €22.6 million, according to the same source.

The Chamartín group bought the Amorim group’s real estate business in 2006, including office buildings and shopping centres. It added shopping centres under the brand Dolce Vita in the following years, but eventually went into insolvency in Spain, and started selling its assets in Portugal in 2015. These three assets are all that remain.

Original Story: Vida Imobiliária – Ana Tavares

Translation: Richard Turner