CBRE advised CentroNovoFunchal SA in the sale of La Vie Funchal Shopping Center to the Open Real Estate Investment Fund CA Património Crescente.
The selling entity, CentroNovoFunchal S.A., is owned by approximately 50% by the HLP fund, managed by ECS Capital, and about 40% by Grupo Oitante, along with other minority shareholders. In this transaction, the seller was advised by Uria Menéndez – Proença de Carvalho and NewCycle, while the buyer was supported by RPE and Engexpor.
La Vie Funchal is the main shopping center on the Madeira Island and covers an area of 16,000 square meters, hosting 68 stores, and providing 860 parking spaces. It is currently fully occupied and records approximately 10 million visitors annually. Due to its location, it benefits from significant exposure in the tourism market, with about 1.7 million tourists arriving on the island by plane and 250 cruise ships per year. Despite the pandemic and the restrictions imposed at the time, this asset has shown resilience and has positively recovered its activity.
Regarding stores, it features various fashion brands such as Cortefiel, Springfield, Massimo Dutti, and Tiffosi, anchored by a Pingo Doce hypermarket and Worten as the main technology retailer. Additionally, it offers a range of diverse dining options, as well as a fitness club.
Square Asset Management, the largest independent Real Estate Investment Fund Manager in Portugal, with over 1.8 billion euros in assets under management on behalf of private and institutional investors, has been the most active buyer in Portugal in the shopping center subsector in recent years. They acquired several reference shopping centers since 2017, including Albufeira Terrace and C.C.C. Portimão (2017), CoimbraShopping (2018), a portfolio of four shopping centers in Portugal (2019), Fórum Viseu, and Fórum Castelo Branco (1st quarter of 2020), and have also made several retail park acquisitions.
Read the original article: https://portugal.brainsre.news/fiia-ca-patrimonio-crescente-adquire-centro-comercial-la-vie-funchal/
