US asset management giant Blackstone is understood to be selling a portfolio of four retail assets in a record €750 mln of deals in Portugal.
According to well-informed market sources, Blackstone has inked the sale of three assets - Forum Sintra, Forum Montijo and Sintra retail park – for about €450 mln to Immochan, French retail giant Auchan's property arm.
In a separate transaction, Blackstone is understood to be selling its crown jewel – Almada Forum in Lisbon – to Spanish REIT Merlin Properties in a deal valued just over €300 mln.
EuroProperty - PropertyEU's weekly publication - also reported the deals based on its sources.
The portfolio, which was marketed by advisor JLL, had been on and off the market since March last year, with retail specialist Klépierre first rumoured to be in negotiations to acquire the assets.
The centres were developed and are currently managed by Blackstone's Amsterdam-based retail property asset manager Multi.
Blackstone bought the bulk of the portfolio - Almada Forum and Forum Montijo – in 2015 from CG Malls Europe, a Luxembourg-registered fund controlled by Commerzbank. The price at the time was said to be around €500 mln.
Almada Forum opened in 2002 and has a total area of 78,815 m2 over 262 shops. Forum Montijo has 160 stores, 22 restaurants, a supermarket and a six-screen cinema. Forum Sintra provides 55,000 m2 of space over 189 shops and opened in 2011. Sintra retail park, opened in 2000, offers an additional 20,100 m2 of space.
The transaction is the latest in a number of high-profile transactions in Portugal. Earlier this week, AXA IMRA completed the acquisition of the Dolce Vita Tejo shopping centre in Lisbon for €230 mln while a week ago Sonae Sierra announced the sale of a majority share in two Portuguese malls to bank assurance group Ocidental.
PropertyEU/EuroProperty
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