Ares Capital buys shopping center in Évora from Novo Banco

The Évora Shopping, a shopping center that was never finished, was bought by the Dubai company Ares Capital. The company plans to complete the project and open it to the public in 2017. Part of a €60m investment to create commercial complex, construction on Évora Shopping began construction in 2011. It was due for completion in Autumn 2013. Initially, the project belonged to EVRET, a joint venturebetween Imorendimento and Madford Developments, and then became the property of the bank Novo Banco. Maximilian Herget, investment director at Ares Capital, confirmed that the company bought the Évora Shopping at the beginning of March from Novo Banco at a price that "made sense" without resorting to bank financing, but declined to specify the investment value.