LCN Capital Partners has acquired Trei Real Estate’s entire Portuguese retail portfolio of 49 properties.
Trei, the real estate arm of German retail group Tengelmann, said the sale reflected its plans to focus on its core markets of Germany, US and Poland.
LCN, a private equity real estate firm specialising in sale-leaseback transactions across North America and Europe, reportedly paid around €150m for the 68,000sqm portfolio, in a deal that makes LCN one of the largest private grocery store landlords in Europe.
The majority of the properties are located in cities such as Porto, Lisbon and Faro, and along the Algarve coast and are let to supermarket chains Pingo Doce, Continente and Minipreço.
Pepijn Morshuis, CEO of Trei Real Estate, said: “For a few years now, we have been downscaling the number of countries we want to focus on while simultaneously intensifying our development efforts and our diversification in those countries where we remain active.
“In the future, we plan to concentrate entirely on the development of residential projects in these three core markets and on the expansion of our retail parks under the Vendo Park brand in Poland.”
Edward LaPuma, co-founder and managing partner of LCN Capital Partners, said: “We have been growing our sale-leaseback and build-to-suit portfolio across Europe over the last decade.
“We believe this portfolio is a great addition to our latest European Fund and highlights our ability to partner with our tenant-clients, like Pingo Doce, to help them grow and meet their goals.
“After closing on this investment, LCN will be one of Europe’s largest private grocery store owners.”
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