Blackstone is preparing to sell Portuguese malls

  • ECO News
  • 21 July 2017

The private equity fund is preparing to sell Portuguese malls: Forum Sintra, Forum Montijo and Almada Forum, as Bloomberg stated. The sale could earn Blackstone up to 900 million euros.

The American Blackstone is preparing to sell at least four malls in Portugal, namely Sintra Retail Park, Forum Sintra, Forum Montijo and Almada Forum, according to Bloomberg, who ascertained this information near two sources close to the process.

The news agency attempted to confirm the information with representatives from one of the largest private equity funds in the world, but they declined making any statements confirming or denying their intention of selling those shopping centers around the Portuguese capital city. JLL, who was said to be chosen to mediate the sale, also refrained from commenting. When contacted by ECO, the real estate consultant also denied making any statements about whether or not they would be chosen as the mediator or contacted by possible buyers.

Those four malls could be assessed between 750 and 900 million euros. If the sale does happen, this means it will be one of the largest real estate sales of the decade in Portugal, stated Cristina Arouca, director of the real estate consultant CBRE, quoted by Bloomberg.

If confirmed, this alienation takes place in a time when the Portuguese real estate has been benefiting from an accentuated valuation. CBRE real estate consultant estimates this investment in commercial properties could reach a record of three billion euros this year, in Portugal, which corresponds to twice as much as the investment made in 2016.