ING Real Estate has successfully completed the purchase of Forum Viseu Shopping Centre in Portugal from AM Development. The value of the transaction is approximately 60 million. Forum Viseu will be added to the portfolio of the ING Retail Property Partnership Southern Europe.
Forum Viseu is the only shopping center in the city of Viseu (North East Portugal). It has a catchment of more than 200,000 people. The center has opened its doors to the public on 14 September and, with more than 1 million visits to date, has been a massive success.
The building comprises 19,300 m² GLA in 3 levels as well as 2 underground levels of parking facilities with a total of 780 spaces. All 78 units were let at opening showing the strong retailer demand for the scheme. Anchor tenants include well-known brands such as Zara (and all its group brands), C&A Kids, Sportzone, Warner Cinemas and hypermarket Feira Nova. Other important tenants are Benetton, Calzedonia and Mango.
The Forum Viseu shopping center is the second operational asset within the portfolio of the ING Retail Property Partnership Southern Europe. The fund is sold out to investors and closed in May 2004. The fund has a target size of 1.1 billion to be invested in retail properties in Portugal, Spain and Italy. Commitments to projects under development total roughly 500 million.
Source: ING Real Estate