Commerzbank sells Forum Algarve to Spain's Alfana for €130M
What's the deal? CommerzbankDealroom has a profile for this one. Try Dealroom →'s real estate arm has sold Forum AlgarveDealroom has a profile for this one. Try Dealroom →, a Portuguese shopping centre, to Spain's Alfana Investment ManagementDealroom has a profile for this one. Try Dealroom → for €130 million, according to Spanish newspaper Expansión. The agreement is set to be signed on Wednesday, September 2, in Lisbon.
Who's buying? Alfana Investment ManagementDealroom has a profile for this one. Try Dealroom → is one of the leading retail asset managers on the Iberian Peninsula, with €1 billion in retail-sector assets in its portfolio.
What's the asset? Forum Algarve spans 27,400m², with 115 stores and more than 2,200 parking spaces. The centre reported sales of €120 million last year and drew over 7.8 million visitors.
How it was financed: The deal was backed by an investment from Banco SantanderDealroom has a profile for this one. Try Dealroom → private equity clients. GarriguesDealroom has a profile for this one. Try Dealroom → led legal advisory for the buyer, KPMGDealroom has a profile for this one. Try Dealroom → provided financial advisory, and CBREDealroom has a profile for this one. Try Dealroom → and GMDDealroom has a profile for this one. Try Dealroom → handled technical consulting.
The signal: The sale marks another cross-border retail property deal in Iberia, with Spanish capital moving into Portuguese assets as international banks continue to shed real estate holdings.
Image credit: Generated with Gemini
