MDSR Investments has entered the Portuguese market with the acquisition of Braga’s Nova Arcada shopping center from Caixa Geral de Depósitos.
MDSR sees the acquisition as “a step forward towards the construction of an Iberian platform” where the fund already manages c. 250,000 square meters of retail space in Spain. Annalaura Benedetti, Head of MDSR Iberia, claims to have been “aware of developments in the Portuguese real estate market in recent years”. The buyers plan to further develop the shopping center and consolidate it as a reference in the north of Portugal.
Sonae Sierra will continue to manage Nova Arcada Shopping Centre which has a GLA of 72,000m² and 2,600 parking spaces. The retail mix includes IKEA with a 22,000m² store as well as Continente, Hospital Trofa Saúde, H&M and several Inditex brands.
According to Francisco Sottomayor, director of Caixa Geral de Depósitos’ property arm “Caixa received the property when it was still under construction, invested in its completion and hired Sonae Sierra for the management enabling its stabilisation. Today, Nova Arcada Shopping is one of the region’s commercial engines, not only in income but also in job creation.”
Cushman & Wakefield acted as advisor to Caixa Geral who has owned the asset since 2009, following the bankruptcy of Chamartín Imobiliária. Carlos Vieira Neto, Associate at Cushman & Wakefield has stated that “Caixa Geral de Depósitos has done an outstanding job of managing the center by positioning it as a new shopping destination in the north of Portugal”