The Alaska Permanent Fund is investing in a retail asset in Portugal.

CBRE Global Investors, which is advising the US pension fund, said it acquired 50% of the Alegro Setúbal shopping centre from owner Immochan.

Angela Rodell, chief executive and executive director at Alaska Permanent, said the fund would look to expand its partnership and build its portfolio across Europe.

Immochan will manage the 44,450sqm mall for the joint venture.

Myles Sanger, portfolio manager at CBRE Global Investors, said the deal underlined APFC’s confidence in the European real estate market.

“Our client,” Sanger said, “is actively seeking further high-quality investments to provide long-term stable returns to grow and diversify its global real estate portfolio.”

The centre – 40km south of Lisbon – is fully let to tenants including Mango, H&M and Zara.

Alaska and Immochan previously entered a joint venture in 2014 on the Zenia Boulevard in Alicante, Spain, and Alegro Alfragide in Lisbon.