Finangeste sells Dolce Vita shopping centre

The first shopping centre under the Dolce Vita brand to open in Portugal, Dolce Vita Miraflores, has been rebranded and re-conceptualised and sold to an overseas buyer.

In 2015, nine years after having acquired the real estate business from the Amorim Group for €500 million, the Spanish group Chamartín collapsed with the chain of Dolce Vita shopping centres being broken up and sold to international investors after being restructured and rebranded.
The only to escape so far was Dolce Vita Miraflores, the first in the chain of shopping centres with an Italian inspiration to open in Portugal in October 2002. At the end of 2021, right in the middle of the pandemic, the mall was able to be turned around from bankruptcy to profitability.
Three years after Dolce Vita Miraflores had declared insolvency, and after three failed attempts to sell off the devalued asset which owed €36 million, the shopping centres creditor, the Spanish bank Abanca, sold the it to the asset management and restructuring company Finangeste for €4.1 million.
Finangeste won the competition for the purchase of Dolce Vita Miraflores (near Oeiras, Greater Lisbon) in partnership with a European investor by just €100,000. It then invested more than €4 million in modernisation and repositioning the asset giving it a totally new brand, concept and identity as New Life Miraflores. Finangeste then sold the asset on to an international investor for an undisclosed sum.
In December 2023 Finangeste, an institutional investor in the real estate market, also sold shopping mall Forum Barreiro, which it had acquired from bank BCP for €3 million. At its height, that shopping centre had been valued at over €70 million.
Finangeste specialises in buying up distressed assets (known informally as a vulture venture capital company), repurposing, restructuring, modernising and rebranding them and selling them on at a profit to investors.