ING RED puts Dolce Vita Tejo mall on the market

ING Real Estate Development is in talks with a number of investors to sell its EUR 300 mln Dolce Vita Tejo shopping centre in Lisbon, Portugal. An ING RED spokesperson confirmed to PropertyEU on Thursday that the shopping centre has been put up for sale, without adding details on the potential buyers.

The mall, which is controlled by a 40/60 joint venture of ING RED and Spanish developer Chamartin Inmobiliaria, opened in May 2009, representing an investment of some EUR 300 mln.

The centre was financed by ING Real Estate Finance, and provides 104,000 m² of total commercial space across 270 shops and 9,000 parking places. Major tenants include Jumbo, Primark, El Corte Inglés Oportunidades and Zara, H&M, Kidzania and Starbucks Coffee. The scheme includes a 22,600 m² hypermarket.

The sale of Vita Tejo was first reported by real estate magazine Europroperty. Private equity firm Meyer Bergman is said to be the frontrunner in a bid to acquire the mall. A spokesperson for Meyer Bergman said on Thursday that the company 'has looked and is still looking' at the property, but declined to comment on the status of negotiations.