Clearwater International advises on the sale of three Dolce Vita shopping centres
Clearwater International has advised the insolvency administrator of the companies Aplicação Urbana XIII – Investimento Imobiliário SA, Dolce Vita Miraflores – Exploração de Centros Comerciais S.A., and Sportsforum – Desenvolvimento Imobiliário, SA on the sale of three shopping centres under the Dolce Vita brand.
The shopping centres, Dolce Vita Central Park, Dolce Vita Ovar and Dolce Vita Miraflores, were integrated into the Chamartin Group that went bankrupt in 2015. Despite the insolvency of the owner, the operational assets continued to operate. Altogether, the shopping centres have over 21,000sqm of rentable space with an average recurring occupancy rate of 70%.
At the end of 2019, the creditor ABANCA made the decision to appoint an insolvency administrator on the sale of the assets and appointed Clearwater International to advise on the sale process. At the end of 2021, the assets were sold to three different investors; the Dolce Vita Central Park was sold to Fundimo, Dolce Vita Ovar to White Sand Capital, and Dolce Vita Miraflores to Finangeste, for a combined value of €14m.