HIG Capital has bought real estate and debt portfolios in Portugal.

The private equity firm said it acquired the portfolios from Finangeste, a Portuguese asset manager.

The portfolios include 77 properties, as well as 114 secured loans with a face value of more than €110m.

Ahmed Hamdani, managing director at HIG in London, said the company was buying undervalued real estate assets and assets where it saw an “opportunity to add value by enhancing the income and quality of the asset”.

Speaking at the European Real Estate Association’s annual conference in Berlin last week, Christina Gaw of Gaw Capital said the company was looking more at Portugal and Spain for investment opportunities.

Redevco and Ares Management last week said they were teaming up to invest €500m in Spanish and Portuguese retail real estate. 

The joint venture, seeded with €110m in assets from both partners, will invest in shopping centres, retail parks and high street properties.

Patrizia Immoblilien opened up an Iberian office this year.