U.S. firm buys more Portugal assets
U.S.-based Lone Star Funds has purchased a four-property portfolio from Spanish group Chamartín Imobiliaria. Real Capital Analytics estimates the price to be $549.1 million.
The portfolio consists of four bankrupted Dolce Vita malls in Portugal, totaling 1.24 million square feet. The centers are Dolce Vita Porto, Dolce Vita Douro in Vila Real, Dolce Vita Coimbra and Dolce Vita Monumental in Lisbon. The largest and highest priced asset is the 456,607-square-foot Dolce Vita Coimbra, which sold for $210.5 million.
Lone Star recently purchased Vilamoura’s flagship resort for €200 million ($224 million). An affiliate of Lone Star Real Estate Fund III has acquired Garvecat, the company responsible for the development of the Vilamoura resort in the Algarve region, from Corporación Bética and Algarvetur. This sale is part of the divestment process carried out by Catalunya Banc, which is now focusing on retail banking.