Lone Star scoops bankrupt Dolce Vita shopping centres

Four bankrupt Dolce Vita shopping centres owned by Spanish group Chamartín Imobiliária have been snapped up by Lone Star Funds, the same group that paid out €200 million for the Algarve resort of Vilamoura in April.

The centres are Dolce Vita Porto, Dolce Vita Douro in Vila Real, Dolce Vita Coimbra and Dolce Vita Monumental in Lisbon, and as Público explains, their purchase comes at a time when the property market is “showing signs of dynamism in Portugal and Spain”.

According to data from property consultants Worx, investment in Portugal has already exceeded a €1 billion this year, which is close to the €1.2 billion registered pre-financial crisis in 2006.

Lone Star are among the highest investors in Portugal, adds Worx, along with Blackstone which recently purchased Almada Forum and Forum Montijo in investments that have already exceeded €400 million this year.

But as to the amount paid out by Lone Star, liquidator Jorge Calvete has not yet released details. Público suggests the total will fall far short of money owed to creditors.

Chamartín’s fateful ownership of Dolce Vita goes back to 2006, when the Spanish group bought the chain for a reported €500 million-plus from Group Amorim, the empire led by Portugal’s richest man Américo Amorim.

“Accumulation of debts” led Chamartín to lose Dolce Vita Braga to Caixa Geral de Depósitos, which “handed it over to Sonae Sierra” of Group Sonae, which plan to reopen next year under the new name of Nova Arcada.

Nova Arcada promises to house Portugal’s fourth IKEA outlet, adds Público.