Retail specialist Castellana Properties has agreed to acquire three Portugal shopping centers for €176.5 million in a share purchase agreement (SPA).
They are RioSul and Loures shopping centres in Lisbon and 8ª Avenida in São João da Madeira, near Porto.
The SPA with Suitable World Unipessoal Lda — a Portuguese company ultimately owned by Harbert European Real Estate Fund — which includes the acquisition of the shopping centers. Subject to financing, the deal is expected to complete in October 2024.
The RioSul and Loures shopping centres in Lisbon and 8ª Avenida in Porto are set to be brought under the Castellana Properties name. All three will be managed by Castellana Properties.
Leading brands at Portugal shopping centers
RioSul features leading brands including Zara, Bershka, Pull&Bear, Stradivarius, Ikea, Foot Locker and C&A. It also has various food and beverage outlets and several cinema screens. The centre has a GLA of 46,006 square meters, of which Castellana Properties will acquire 23,515 square meters. As a top retail destination, it attracts around eight million visits a year.
Loures, which opened in 2005, it has a total GLA of 44,745 square meters, of which Castellana Properties will acquire 29,398 square meters. It includes Zara, Bershka, Pull&Bear, Stradivarius, H&M, Foot Locker and C&A, food and beverage options and a cinema complex. The centre has an annual footfall of around six million. A new metro station, accessed from within the shopping centre, is expected to open by 2026.
The 8ª Avenida is the only shopping centre in São João da Madeira, 40 minutes south of Porto. Launched in 2007, it has a total GLA of 28,923 square meters, of which Castellana Properties will acquire 21,170 square meters. It features Lefties, Bershka, Pull&Bear, Stradivarius and Cortefiel, various food and beverage outlets and a cinema complex. It has an annual footfall of six million. There are approximately 260,000 people within a 20-minute driving radius.
The Vukile Property Fund of South Africa has a 99.5% shareholding in Castellana Properties.
