Spain-based Alfana Investment Management has acquired the Forum Algarve shopping centre in Portugal from Germany’s Commerz Real for around €130m.
The asset was sold from Commerz Real’s open-ended Hausinvest fund, which acquired the 27,400sqm property in 2000 during its development phase for approximately €75m.
Opened in 2001, the shopping centre is located on the north-western outskirts of Faro, the capital of the Algarve region. The property comprises 115 stores across a near-fully let tenant roster of international retailers, attracting approximately seven million visitors annually.
Mario Schüttauf, managing director of Commerz Real Investmentgesellschaft and fund manager for Hausinvest, said: “After appreciating in value for 25 years as part of the portfolio, we have utilised the ongoing high demand for real estate to attain a very good result for our investors.”
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