By 2019-08-08 InCompanies
 

Dolce Vita shopping centres on the market for “€15 million”

Three “bankrupt” Dolce Vita shopping centres in Portugal – Dolce Vita Ovar, Dolce Vita Miraflores and Dolce Vita Central Park – have been put up for sale for a total asking price of €15 million.

The announcement follows a decision by Spanish bank Abanca, the main creditor of the groups that own the shopping centres, to demand the insolvency of the three malls as it believed they were reaching their breaking point.

According to Jornal de Notícias, the bank is trying to recover part of the shopping centres’ €50 million debt.

To do so, the bank is willing to sell some of the shopping centres for less than they are apparently worth.

Dolce Vita Ovar, for example, was inaugurated in 2007 following a €33 million investment and is today believed to be worth €15 million. However, the asking price stands at ‘just’ €8.3 million.

Dolce Vita Miraflores was the first to open in Portugal back in 2002 and is for sale for €5.4 million although the bank claims to have lent it around €22.7 million.

Finally, Dolce Vita Central Park in Linda-a-Velha is on the market for €1.4 million.

As Jornal de Negócios points out, virtually every Dolce Vita shopping centre has been put up for sale since Chamartín, which had taken over these malls from Grupo Amorim, went bankrupt.

Dolce Vita Tejo in Lisbon, a massive shopping centre with over 280 stores spread out between two floors, was sold in 2015 for €170 million to Baupost and Eurofund which sold it three years later to Axa for €230 million.

In January, it was renamed UBBO and became “the first shopping resort in Portugal”.

Three former Dolce Vitas in Vila Real, Coimbra and Porto were taken over by DWS Investments, also in 2015, while Lisbon’s Dolce Vita Monumental ended up in the hands of Grupo Castel.

Dolce Vita Braga, now known as ‘Nova Arcada’, was purchased by state bank Caixa Geral de Depósitos.

michael.bruxo@algarveresident.com


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