Clarion Partners Europe has expanded its Portuguese supermarket portfolio with the acquisition of a 4,385sqm grocery-anchored asset.
Clarion Partners Europe said the newly completed pre-let asset in Malveira, acquired on behalf of one of its funds, was bought from local developer Vertente Group.
Financial details were undisclosed.
The latest transaction follows the manager’s acquisition, on behalf of one of its funds, of six fully leased, newly developed supermarkets across Portugal from Dutch developer Ten Brinke in March.
Max Rooney, director at Clarion Partners Europe, said: “The Malveira asset represents a compelling long-income opportunity. It is a modern, operationally efficient supermarket let to Portugal’s largest food retailer on a long-term lease, in a location benefiting from several demographic tailwinds.
“This acquisition reflects our continued conviction in food-anchored retail as a resilient and income-generating asset class.”
Thorben Schaefer, managing director at Clarion Partners Europe, said: “Portugal continues to offer compelling fundamentals, including strong occupier demand and a growing suburban consumer base, and we see meaningful opportunity to expand our presence in the market.”
To read the latest IPE Real Assets magazine click here.
