Santander Asset Management has sealed the sale of the Galerias Saldanha Residence retail gallery in Lisbon.
BPI Imofomento, an open-end real estate investment fund managed by BPI Gestão de Ativos, has acquired the asset for €27 mln from Novimovest, a closed-end investment fund managed by Santander Asset Management.
Located in the heart of Lisbon, Galerias Saldanha Residence opened its doors to the public in 1999. It provides 6,900 m2 of GLA over 40 stores.
BPI Gestão de Ativos’ director Manuel Puerta da Costa said: ‘This property is part of the strategy of the BPI Imofomento Real Estate Fund, which focuses on prime assets located in the most consolidated areas of Lisbon.’
Worx Real Estate Consultants acted as exclusive real estate advisor to Santander Asset Management.
