Cape Town – Greenbay Properties and Resilient, the JSE-listed real estate investment trust, have agreed to buy two large shopping centres in Portugal for €219.25 million in cash, Greenbay said on Thursday.
The company formerly known as Green Flash Properties, which is listed in Mauritius and on the AltX of the JSE, said it had brought JSE-listed Resilient in as a 50 percent partner on the acquisition of Forum Coimbra and Forum Viseu because of the size of the investment.
Greenbay added that the partnership would allow it to access the retail and development expertise of Resilient for the malls acquired, as well as to position it for further development opportunities in Portugal.
Forum Coimbra in Coimbra, Portugal’s mediaeval capital, is the dominant mall in the country’s Centro region.
The modern, 51 489 square metre mall has a comprehensive retail and entertainment offering over three levels and excellent transport links with the city and the region, Greenbay said.
Forum Coimbra is fully let to 146 major international and national tenants, including Primark, H&M, C&A and eight Inditex brands, including Zara, Massimo Dutti and Lefties.
There is also a six screen cinema, 10-pin bowling and a large food court.
Forum Viseu, in the centre of Viseu, also in Portugal’s Centro region, is an 18 705 square metre shopping centre.
Its 48 major international and national tenants include Pingo Doce, Sacoor, Cinema Nos and Inditex brands Zara, Massimo Dutti, Bershka, Pull & Bear, Lefties, Stradivarius and Oysho, the statement added.
The transaction is subject to various conditions.