European independent real estate investment firm Blackbrook Capital has committed to acquire a portfolio of build-to-suit grocery stores in Portugal.
The supermarkets will be acquired by Blackbrook upon completion and leased on a long-term basis to Continente, a major grocery retailer in Portugal. Financial details were not disclosed.
Continente is the largest entity within Sonae SGPS, a major Portuguese conglomerate with interests in food retail, health, sports, fashion and electronics retail, investment management, financial services, real estate, and telecommunication services.
The sites will serve under the 'Bom Dia' brand, which are Continente’s smaller format convenience stores. Construction on one site recently completed, while the remainder is due for completion in phases over the next 12 months.
‘We’re pleased to have secured this transaction as Sonae has new grocery retail sites developed in line with its strategic growth objectives,’ commented Arvi Luoma, co-founder & CEO of Blackbrook. ‘Our ability to move quickly and offer both forward commitment and forward funding build to suit financing, allows developers to secure 100% development financing to suit their funding needs in an otherwise uncertain economic climate. This is a great example of how we can work closely as a partner with both developers and occupiers that are looking to expand and grow rapidly across specific strategic objectives.’
Luoma added: ‘Food retail is an important defensive sector and one that is undergoing rapid transition off the back of a strong period for sales during the Covid-19 pandemic. We see convenience stores playing a crucial role in the future of grocery retail.’
