Global real estate consultant Cushman & Wakefield Healey & Baker (C&W/H&B) announced today the acquisition of W Shopping in Santarém, on behalf of Portuguese real estate fund AF Investimentos - Fundos Imobiliários, S.A., ( Millennium bcp Group). The property was acquired for 42 million euro from Grupo Imocom.
According to AF Investimentos, Millennium bcp´s (Portugal´s largest private financial services group) fund manager: 'This acquisition, supported by a well thought-out professional philosophy, is part of a strategy which lead to a detailed review of the retail investment market. As the majority of shopping centres in Portugal is held by institutional foreign investors, AF Investmentos is extremely pleased to be one of the first national property funds to have acquired a grade A centre.'
Luís Rocha Antunes, Partner and Co-director of C&W/H&B Lisbon´s Investment Department, said: 'We are pleased to have acted on behalf of a Portuguese property fund and we have put all our retail expertise at AF Investimentos disposal, and through exhaustive due diligence we were able to negotiate good financial terms for our client.'
This is the first time that a national property fund has hired the services of an international real estate consultant for advise on the acquisition of a property in Portugal.
Located in Santarém, W Shopping has 12,000m² of G.L.A. (gross lettable area) and is anchored by Inditex Group (Pull & Bear, Bershka, Stradivarius and Kiddy´s Class), as well as Castello Lopes Cinemas and Blu Market, a new supermarket concept created by Grupo Imocom.
The shopping centre was developed and built by Grupo Imocom, which is also responsible for some of the most visible and award winning buildings recently built in Lisbon, such as the Sony Building, the Infante Building and Tower Zen, all located at the Parque das Nações, the former Expo 98 site.
W Shopping was designed by Brodway Malyan and is managed by AM Development.
Source: C&W H&B