Almada Fórum, in Almada, Portugal Image: JLL
Investment

Almada Fórum in New Hands – Merlin Properties in a Buying Mood

JLL, acting for Blackstone, has completed the sale of Almada Fórum, from the Rio Tejo retail portfolio, to Merlin Properties. The portfolio originally comprised three prime shopping centers and a retail park.

Almada Fórum, in Almada, Portugal, is the last property to be sold. Combined, the Rio Tejo portfolio represents the largest ever portfolio transaction in Portugal at over €900 million.

Elmar Schoonbrood, Managing Director, Real Estate, at Blackstone, said, “The sale of Almada Fórum is another successful example of our strategy of buying and stabilizing complex assets and portfolios. Through active asset management and key value-add initiatives, Blackstone enhanced the tenant mix and consumer experience across the portfolio.”

The Rio Tejo portfolio included Fórum Montijo, Fórum Sintra, Sintra Retail Park, and Almada Fórum and counted more than 210,000 sq m of GLA, with 542 national and international tenants.

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Investment MORE

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Work, Live, Play: Creation of a More Diverse, Competitive Product

Just as the Covid-19 pandemic blurred the lines between office and home in 2020, the office of the future will need to combine elements of work, life, and experience in order to be competitive in post-pandemic city center locations, writes Nicole Pötsch, Head of Acquisitions & Sales for North & Central Europe at Allianz Real Estate.

Ingka Centres’ First Acquisition in the USA

The company has purchased the “6X6” building in downtown San Francisco. Following a transformation, the retail destination will be anchored by IKEA and will be complemented by mixed-use offerings.

Stricter financing conditions for retail properties

Business closures and rent losses in the coronavirus crisis have made banks even more cautious about retail properties and shopping centers. In the case of refinancing, portfolio holders have to calculate with higher interest rates and additional equity.

Ingka Centres Acquires Kings Mall in London

Following its transformation, the scheme will be the first mixed-use object in a downtown location, anchored by an IKEA city store, in the United Kingdom.

Upgrading the existing portfolio

Ingka Centres’ €7.3 billion investment to transform its business remains on track – with particular emphasis on sustainability and innovation.