73 percent increase in value since purchase
Commerz Real has sold the Forum Algarve shopping centre from the Hausinvest portfolio to the Spanish investment boutique Alfana Investment Management for around 130 million euros. "After 25 years of increasing the value of the portfolio, we have taken advantage of the continued high demand for real estate to achieve a very good result for our investors," says Mario Schüttauf, Managing Director of Commerz Real Investmentgesellschaft and fund manager of Hausinvest. The market value immediately after the acquisition of the property was around 75 million euros, which means an increase of around 73 percent for the current sale.
The shopping centre, which opened in 2001, is located on the north-western outskirts of Faro, the capital of the Algarve, and comprises 115 shops on around 27,400 square metres of rental space. It is almost completely let to international retail companies such as Zara and Mango. Commerz Real acquired the property in 2000 during the project development for Hausinvest and expanded and optimised the space in the following years. Forum Algarve now has around seven million visitors a year.
Commerz Real was advised on the transaction by Ambas Real Estate as well as by Cuatrecasas (legal), Pricewaterhouse Coopers (tax) and PKF Portugal (financial and accounting matters).
