The joint venture, held by both parties equally, was announced for this transaction, which should have an initial profitability of 6%. It involves the purchase of Locaviseu – Sociedade de Gestão de Imóveis, SA, holding both shopping centres. According to Idealista, the acquisition will be by means of a joint venture with 50% participation by each of the two investors.
Garreth Elston, of Alternative Real Estate Capital Management, comments in a release that the deal «will not be a big surprise, as the Iberian market has shown positive economic signs in the last 2 years. In both Spain and Portugal solid economic growth has been recorded», quotes Business Day. «Economic data from Portugal have become increasingly positive, with 11 successive terms of growth in the GDP, unemployment has gone down gradually, the lowest for 7 years, and inflation is an affordable 1.6%», he concludes. Signs that «are positive for Resilient and Green Bay», who aim to add value in both centres.
Forum Coimbra currently has 100% occupancy, with 146 national and international brands, including Primark, H&M, C&A and the Inditex group, among many others, as well as the Continente supermarket, this latter being owned by Sonae Sierra and is not included in the deal, according to Spanish Real Estate. It is managed by Multi.
Forum Viseu, also managed by Multi, with an area of 18,705m², in the city centre, has 48 shops, including a Pingo Doce, NOS cinemas and the main Inditex brands, among others.