Home Economy Finangest sells 72 million shopping centers to foreigners that it bought from the Banque Centrale Populaire for 3 million – Real Estate

Finangest sells 72 million shopping centers to foreigners that it bought from the Banque Centrale Populaire for 3 million – Real Estate

0
Finangest sells 72 million shopping centers to foreigners that it bought from the Banque Centrale Populaire for 3 million – Real Estate

Finangeste sells to foreigners a mall worth 72 million that it bought from BCP for 3 million

The credit recovery company, which presents itself as one of the main real estate developers in Portugal, sold Fórum Barreiro, which it acquired from BCP on the last Friday of 2022.

November 4, 2008: The Fórum Barreiro shopping center was designed by the famous Catalan architect Joan Busquets and promoted by the multinational companies Rockspring and Multi Development, with an investment of 72 million euros.

Without commercial success, Fórum Barreiro entered a spiral of currency depreciation, having ended up in the world of BCP funds in 2016, when it was actually worth just €32.5 million.

With a sign with a road guide, the Banque Centrale Populaire will offer the shopping center for sale at a price of 26.5 million dollars, at the beginning of 2021, a year in which the same owner valued the property at 22.5 million dollars.

January 4, 2023: Finangeste announces that it has acquired, “in partnership with national investors, 100% of the shares of Multi 24, SA, previously owned by Millennium BCP”, its sole asset being Fórum Barreiro.

“The purchase was made on the last Friday of 2022, and the value of the transaction has not been announced,” said the statement sent by Finangest to newsrooms.

January 9, 2023: Interfundos, manager of the Multi 24 of the Banque Centrale Populaire, informed the market that the value of the deal was 3.037 million euros. The price “is adjusted to the extent necessary to correspond to the value of the net position of the company, and is determined within 60 days from the date of the transaction through the balance sheet, which is specially prepared for this purpose by the buyer, in cooperation with the seller, in accordance with the stipulated standards and rules,” Interfundos explained. In the contract for the purchase and sale of shares signed between them.

See also  Galp wants to support companies accelerating decarbonization and take startups to Web Summit 2024 - Executive Summary

January 10, 2023: Speaking to Negócios, an official source from Finangeste revealed that in addition to the three million euros paid, the new owner of Fórum Barreiro, at the headquarters of Multi 24, incurred a bank debt of 10 million euros, thus determining “investment in this operation In the amount of 13.5 million euros, including due diligence costs.

Furthermore, Finangeste intends to invest four million euros in the modernization of Fórum Barreiro, which at that time had 90 stores distributed over 22,500 square meters above ground, and also had 700 parking spaces.

December 14, 2023: “Forum Barreiro has been acquired by an international ‘family office’ and an international real estate development company, whose names have not been disclosed,” Finangeste revealed, in a statement in which it did not announce the price of the deal.

“Like other Finangeste projects,” he highlights that Fórum Barreiro “has been improved through investment, market repositioning, and new management measures,” considering that it has made the shopping center “a space that better serves the Barreiro community.”

“It included light works and work to occupy the spaces with the aim of developing the center’s attractiveness,” explained Venangisti, who stressed that “the space now includes famous international brands and is still a target for marketing.”

The property consists of two above ground floors and two basement floors, and the total leasable area is approximately 17,974 square metres.

In this area, Finangeste, which currently manages more than €1 billion of assets in Portugal, has been supported by external partners such as CMS in legal structuring and Ernest & Young in tax structuring.

See also  Wall Street kicks off a week full of results - the stock market

LEAVE A REPLY

Please enter your comment!
Please enter your name here