Portuguese property developer Prime Portugal has acquired the CascaisVilla Shopping Centre in Portugal from global credit specialist Bain Capital Credit.
The value of the transaction was not revealed by the parties.
Located at the entrance of Cascais, the shopping centre is currently in operation, but Cascais' Municipal Master Plan foresees its demolition and the construction of a mixed-use residential and commercial project.
The redevelopment is in the design phase and Prime Portugal has hired an international architecture office for the purpose.
According to local reports, the requalification project will be entrusted to renowned UK architect Norman Foster.
The new buildings will reinforce the town of Cascais with modern architecture, in harmony with the town's built heritage, with a continuous green space and a new central square for public use, with a pedestrian crossing that connects the station area with the area where the Cascais market is currently located.
Nuno Nunes, senior director of capital markets at CBRE Portugal said: ‘It is with enormous enthusiasm that we realise this operation. It is a structuring operation that delivers an excellent result for all parties involved, but it is also an emblematic transaction, in the sense that it will give new life to the town of Cascais and to Cascais residents. At CBRE we are proud to know that we play an active role in the renovation and redevelopment of cities and this deal proves precisely that.’
Filippo Buffa di Perrero, co-founder and managing director of Prime Portugal, added: ‘This transaction is strategic for Prime Portugal's growth. We invest in the real estate of tomorrow, and we are focused on being an active part in building the cities of the future, delivering housing, retail and work solutions that meet the expectations of new generations. We know that this project will change the entrance of Cascais, and we are certain that our team will dignify this town even more.’
CBRE advised Bain Capital Credit in the deal.