Ceetrus invested in the acquisition of Forum Montijo, Forum Sintra and Sintra Retail Park shopping centres, one of the largest operations in the sector in Portugal in recent times. With these three new assets, Ceetrus Portugal has boosted its growth and reach the 2nd place in the national ranking of companies that own and manage medium-large sized shopping centres.
On one hand, the acquisition of these three shopping centres, which represented an investment of 411 million euros, will enable Ceetrus to consolidate its market position and, on the other, to put its experience in valuation and innovation into practice, transforming its assets into flagship venues with the added value of the Ceetrus label.
In total, these three shopping centres represent a GLA of more than 130 000 square metres with around 19.5 million visitors per year, which means Ceetrus Portugal will be visited 37 million times per year in Greater Lisbon. In parallel, Ceetrus Portugal’s portfolio of tenants will increase with 114 new brands and 306 new stores.
For Mário Costa, Managing Director of Ceetrus Portugal, “Ceetrus’s development at a global level has been characterised by developing and promoting projects from scratch. The Group recognizes the potential of Portugal and its local team and, therefore, continues to focus on our market which, due to its maturity, doesn’t present many opportunities for new developments of commercial property in the short term.”
“These acquisitions represent the dynamism of the company at a global level, including Portugal. Our market is in a phase of maturity and the existing saturation allows growth also through acquisitions of commercial spaces that have already been established. It was precisely in this sense of growth, and supported by international expertise and its local teams, that Ceetrus decided, to invest in the acquisition of these three assets,” states Mário Costa.
Ceetrus Portugal has a successful background for the company’s global dynamics, such as the Alegro Alfragide Shopping Centre and the Alegro Setúbal Shopping Centre, which together receive more than 16 million visitors annually. Alegro Setúbal is good example of the dynamism of Ceetrus, which believed in Portugal and invested in this project (2013 and 2014) in the midst of the economic crisis.
With the acquisition of the Forum Sintra, Sintra Retail Park and Forum Montijo, and following Ceetrus’s vision of creating sustainable, smart and lively places with multi-functional characteristics, where Clients’ lives become more special and emotive connections are created, Ceetrus is totally focused on creating value for these new assets. In this context, the company intends to promote in its shopping centres the “meeting people and territory needs” concept, becoming referent to the public and/or private entities that represent and occupy the territory where they are located. At the same time, it is committed to the diversification of experiences, uses and perceptions that elevate its spaces to a concept of living centres.
On the other hand, Ceetrus brings with it a new way of experiencing spaces, where creativity, culture, leisure, entertainment are stimulated combining different functionalities with new behavioural, relationship and emotional trends. Digitalization and new services will also be among the goals Ceetrus wants to achieve on these assets.