Sogenial acquires Portuguese shopping mall for €22m

French real estate fund manager Sogenial Immobilier has purchased the Vida Ovar shopping mall in Portugal for €22 mln. 

Vida Ovar

This property, originally built for €33 mln and opened in 2007 as Dolce Vita Ovar, faced financial difficulties after the bankruptcy of its Spanish owner, Charmartin.
Abanca, the Spanish bank that held the mortgage on Dolce Vita Ovar and was owed €22 mln in its insolvency proceedings, approved the sale of the mall to White Sand Capital Portugal, a company connected to Swazi businessman Paul Friedlander's international group. 
The deal was finalized in March 2020, and White Sand Capital Portugal invested €2 mln in renovations, renaming it Vida Ovar. 
The mall features 67 stores and restaurants across 20,000 m2 and boasts ample parking. 
Sogenial Immobilier's entry into the Portuguese market began with the acquisition of Évora Retail Park in December 2023. Their Portuguese portfolio expanded last year with the addition of Lima Retail Park in Viana do Castelo and an industrial warehouse in Arruda dos Vinhos.
Pbbr acted as the advisor to Sogenial Immobilier for this acquisition.