Finangeste buys Multi24

 In Asset and Fund Management, News, Shopping Centres

Finangeste, the Lisbon-based real estate investment company, has purchased the company Multi24, the owners of the Lisbon south bank shopping centre Fórum Barreiro, from bank BCP for an undisclosed sum.

“Finangeste, in partnership with national investors, has acquired 100% of the shares of Multi24, SA which until now had been held by Millennium BCP,” states Finangeste in a communiqué.
Finangeste is a specialist real estate asset management company which, among other activities, buys distressed assets and repurposes and repositions them to meet new market realities. In other words it takes loss-making assets and turns them in viable propositions.
The shopping centre was inaugurated in 2008 with 90 shops spread over 22,500m2. It also has 700 parking spaces. It is one of two main shopping centres on the south bank of the River Tagus in Greater Lisbon – the other being Fórum Almada.
According to the business publication Negócios, Finangeste plans to invest around €4Bn in the asset to “make the shopping centre more attractive with a better range of services, commercial retail outlets and other amenities to better serve the local and regional community”.
Employing a team of 40, with expertise across the entire value chain of real estate investing, including sourcing, due diligence, acquisition, licensing, ground-up development, repositioning and leasing, asset management and onward sales, Finangeste was founded in 1978by the Portuguese government to act as a servicer to the Bank of Portugal and 12 other banks. The current shareholders bought the company in 2015 and since then have grown assets under management tenfold to €1B today.