AM Alpha has invested an undisclosed amount to buy a core office portfolio in Portugal from an affiliate of Cerberus Capital Management.

The Munich-based global real estate investment firm said it has bought the four single-tenant assets, known as Beatles, on behalf of several institutional investors who are managed by a pension fund manager from Hamburg.

Three of the acquired assets are located in Lisbon and one in Vila Nova de Gaia.

This acquisition is AM Alpha’s third deal in Portugal, having already completed the refurbishment and sale of an office building as well as the acquisition of the BPlanet retail scheme on the south bank of Lisbon. AM Alpha said the latest deal is the firm’s first core acquisition.

Martin Lemke, managing director at AM Alpha, said: “The successful completion of this transaction is further evidence of AM alpha’s execution capabilities and ability to source robust real estate opportunities.

“Within Europe, the Iberian region will continue to be a main focus for us and we will actively seek core and value-oriented investments across all sectors.”

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