The sale of La Vie Funchal yielded capital gains for CGD of 14 million euros.
“The property was sold at the end of July for around 60 million euros to CA Património Crescendo, the largest national real estate fund with almost 1.2 billion euros under management, which is marketed by Crédito Agrícola and managed by Square Asset Management,” states newspaper Eco.
The same news outlet adds that in CGD’s report and accounts for the first half of the year, it is possible to verify that, in this period, “the recognition of a gain of 14.03 million euros related to the revaluation of the balance sheet value of the La Vie shopping centre, adjusted according to the price agreed for its sale, which came to fruition on the 27th of July 2023, stands out, with the execution of the respective deed”
The shopping centre was owned by CentroNovoFunchal, a public limited company owned about 50% by the HLP fund (of which ECS Capital is the management company) and about 40% by the Oitante Group, together with other minority shareholders.
La Vie has 68 stores and 860 parking spaces spread over an area of 16,000 square metres.
Samantha Gannon
info at madeira-weekly.com
