Deutsche Bank’s real estate investment manager RREEF is set to buy the owner-manager of 16 shopping centers in Portugal, PropertyEU reports. Inmobiliaria Chamartin, a debt-laden Spanish real estate developer, and its lenders are offloading the Portuguese unit for €150 million. The amount includes €50 million that will be re-invested in the centers. The sellers are being advised by one of the world’s largest independent financial advisory groups, Rothschild, in the process. Inmobiliaria Chamartín acquired the portfolio for €500 million in 2006. It financed the purchase with debt provided by a consortium of 10 Spanish banks, including Banco Sabadell and Banco Popular.
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Banco Popular Deutsche Bank Portugal Banco Sabadell RREEF