Cushman & Wakefield has announced that it advised Sonae Retail Properties on the sale-and-leaseback transaction of a logistics platform in Portugal. UK fund manager Aprirose Real Estate Investment acquired the 50,000-m[sup]2[/sup] of logistics space for an undisclosed price.
Cushman & Wakefield has announced that it advised Sonae Retail Properties on the sale-and-leaseback transaction of a logistics platform in Portugal. UK fund manager Aprirose Real Estate Investment acquired the 50,000-m2 of logistics space for an undisclosed price.
The property is the logistics nerve centre of Modelo Continente’s supermarket and hypermarket operation in Central and Southern Portugal. Modelo Continente has signed a long-term lease that allows it full operational control over the property into the future. The senior debt was provided by Eurohypo Portuguese Branch as sole arranger and full underwriter.
Tim Seconde and Fernando Ferreira of Cushman & Wakefield’s Investment Department commented: 'International capital is seeking secure, long-term income streams and this asset will be at the centre of Modelo Continente's operation for years to come. The transaction demonstrates that internationally attractive Sale & Leaseback transactions can be put together in Portugal.'
Sonae RP is part of the listed group Sonae which also operates shopping centre developer-operator Sonae Sierra.
