Chamartín eyes sale of 16 Portuguese malls to RREEF for €150m

This post is also available in: Spanish

Madrid-based unlisted developer Inmobiliaria Chamartín is reportedly considering a €150m offer to buy its Portuguese shopping centre division, comprising 16 malls, from RREEF, the real estate investment management arm of Deutsche Bank.

Chamartín paid €500m in 2006 for Portuguese firm Amorim Inmobiliaria, which it renamed Dolce Vita, from Portuguese mogul Americo Amorim, in a transaction financed by 10 Spanish banks and which included the €800m debt shouldered by the Portuguese firm, which pushed Chamartín’s total debts to €1.7bn.

Chamartín has had interest from 12 investment funds, with RREEF’s offer of close to €150m having prevailed, and the terms of the final transaction are now under discussion, according to Spanish daily El Confidencial. The newspaper quoted an unnamed investor who had bid unsuccessfully as saying, “Portugal is an almost illiquid market and it is almost impossible to secure financing for a real estate investment there.”

The Spanish firm, which in 2010 requested a three-year extension for its debt repayments and in early 2011 postponed a planned IPO, has resorted to the sale because its rental revenues, estimated at €100m annually from its office portfolio in Spain, Portugal and Germany, are insufficient to meet debt obligations. The firm’s largest stakeholder is its CEO Carlos Cutillas, with 42.5%, with 16% owned by Morgan Stanley and the remainder by Spanish savings banks.

For more information on Spanish real estate investment transactions contact | i-comparables.com

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14 Responses to “Chamartín eyes sale of 16 Portuguese malls to RREEF for €150m”

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