Fifth Acquisition in Portugal Expands Vukile's European Portfolio
As previously reported, Vukile Property Fund, who controls the Spanish company Castellana Properties, has agreed to buy Forum Madeira. The purchase price is €63.3 million and will be paid mostly with the company’s available funds. The centre is set to provide an initial net income return of 9.5%, that is approximately €6 million in annual income.
This deal is Vukile’s fifth shopping centre investment in Portugal and adds to its growing presence in southern Europe. The company entered the Portuguese market just over six months ago.
According to the Diário de Notícias da Madeira, the Madeira Forum cost at the time it was built and inaugurated about 20 years ago, about 70 million euros. It has 20,000 square meters (m2) of commercial surface, about 60 stores and 800 underground parking places.
Forum Madeira: A Key Retail Hub in a Growing Region
Forum Madeira is an open-air shopping center that covers three floors and a panoramic rooftop garden. It is fully rented out and also hosts a large supermarket and cinema.
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