Deutsche Asset & Wealth Management (DeAWM) has emerged as the buyer of a three-asset shopping centre portfolio in one of Portugal's largest deals of the year.
Deutsche Asset & Wealth Management (DeAWM) has emerged as the buyer of a three-asset shopping centre portfolio in one of Portugal's largest deals of the year.
The portfolio comprises the Dolce Vita Coimbra, Dolce Vita Porto and Dolce Vita Douro malls which provide over 100,000 m2 of space in northern Portugal.
Financial details were not disclosed. The portfolio is however believed to be valued at below €200 mln.
The assets were put on the market earlier this year as part of a larger retail portfolio by the owner, Spanish real estate company Inmobiliaria Chamartín. US private equity giant Lone Star was reportedly in discussions to acquire the package over the summer for some €500 mln.
Chamartín originally acquired the assets from Group Amorim, headed by Portugal's richest person Américo Amorim, in 2006. But more recently the Spanish firm has been forced to shed assets to pay down its debt.
CBRE was advisor on the deal. 'We are proud to have played a key role in this transaction, which will stand as a landmark deal, and set the trend for the months to come,' commented Francisco Horta e Costa, managing director of CBRE Portugal. 'This sale underwrites our strategic decision to reinforce the team with retail specialists and seasoned investment professionals, with Iberian experience. This allowed us to successfully complete a very complex transaction in a record timing of three months.'
Portugal's real estate investment market went into hibernation following the global financial crisis and the country's ensuing deep recession. Activity has, however, picked up strongly this year, with transactional activity expected to hit €2 bn by year-end, more than double the amount of 2014 (€867 mln).