The German asset manager Commerz Real sold the Forum Algarve shopping center to the Spanish company Alfana Investment Management for 130 million euros, representing a 73% appreciation compared to the market value of approximately 75 million euros in 2000. The deal was signed on September 2 and was financed through private equity client investment from Banco Santander.
With this sale, the Hausinvest fund from Commerz Real now holds only one asset in Portugal, the Armazéns do Chiado, also managed by Multi Portugal, with Fnac as the anchor store.
The transaction had legal support from three law firms. Pérez-Llorca advised the financing syndicate, Cuatrecasas represented the seller Commerz Real, and Garrigues was on the buyer's side, Alfana, which made its first international acquisition in Portugal. For financial advisory, PwC accompanied the seller and KPMG acted on the acquirer's side.
Mario Schüttauf, fund manager of hausInvest, explained that after 25 years of portfolio appreciation, the company took advantage of high real estate demand to achieve a very positive result for investors.
