Apollo Global Management has finalised the second-largest transaction in Portugal this year with the acquisition of a portfolio of 277 assets from Portuguese insurance company Fidelidade.
The US public equity firm has paid €425 mln for the package which was put up for sale through CBRE late last year.
The acquisition is the biggest in the country since Blackstone's 'Rio Tejo' sale of four shopping centres for €850 mln in February.
Sources said that the Fidelidade portfolio attracted 11 firm bids, mainly from international investors, some teaming up with local partners. They saw it as a value-add opportunity to redevelop some of the properties.
The majority of the assets are residential, with some office and commercial. Just over half of the portfolio is in Lisbon. JLL advised Apollo.
Fidelidade - which is majority owned by Chinese investor Fosun - is looking to re-invest the proceeds in larger buildings with a more diversified mix of assets.
