Alaska Permanent Fund, the oil-rich US state's wealth fund, has joined forces with French hypermarket group Auchan's property arm to take control of around €280 mln of retail assets in Portugal and Spain.
Alaska Permanent Fund, the oil-rich US state's wealth fund, has joined forces with French hypermarket group Auchan's property arm to take control of around €280 mln of retail assets in Portugal and Spain.
According to a filing on the website of the Portuguese and Spanish antitrust authorities, Alaska Permanent Fund is acquiring a 50% share in the joint company owning the assets which include the Alegro de Alfragide shopping centre in Carnaxide, Portugal, and the 83,000 m2 Zenia Boulevard in Alicante, Spain.
Zenia Boulevard provides a built area of 160,000 m2 anchored by Auchan as well as 5,000 parking spaces.
The properties were developed by Immochan which is retaining a 50% stake.
The deal is the second to be carried out by the Alaska Permanent Fund in Europe. The US investor made its first foray into Europe in July with the acquisition of the Golden Square shopping centre in Warrington, UK for £141 mln, representing a net initial yield of 6.74%.
The centre has a weighted average unexpired lease term of 8.88 years.
