An international investor advised by European fund manager Internos Global Investors has signed the acquisition of the SerraShopping retail scheme in Covilhã, north-west Portugal, from landlords Sonae Sierra and a fund managed by Patrizia's Rockspring, PropertyEU has learned.
SerraShopping was designed around the expansion of the Modelo supermarket in Covilhã, and opened fully let in November 2005.
Developer Sonae Sierra invested a total of €31 mln in the scheme which provides a total of 86 shop units with a gross lettable area (GLA) of 17,677 m2.
A few months after opening, it sold a 50% share to the PanEuropean Property Limited Partnership, a fund managed by Rockspring Property Investment Managers, for a yield of 6.76%.
The two landlords have held on to the asset for the past decade and are believed to be taking advantage of the positive market momentum.
Rockspring and Internos declined to comment on the deal.
Portugal is forecast to attract a record €2.6 bn of property investment this year, up nearly 20% from €2.2 bn in 2017, according to CBRE.
The largest confirmed transaction so far in 2018 is undoubtedly AXA Investment Managers - Real Assets (AXA IMRA)’s acquisition of the Dolce Vita Tejo shopping and leisure centre in Lisbon’s Amadora suburb for €230 mln. The deal marked AXA IMRA's entry into the market.
The mall – Portugal’s second largest with 80,000 m2 of retail space – was bought on behalf of AXA IMRA’s clients from a joint venture of US private equity firm Baupost and UK shopping centre specialist Eurofund.
Belgian privately-held retail park investor Mitiska REIM also entered Portugal earlier this month. It bought Parque Mondego in Coimbra and Focus Park Canidelo in Greater Porto - from CBRE Global Investors and Temprano Capital Partners respectively. Also this week, US investor Marathon announced the acquisition of an €80 mln portfolio in its first foray in the country.
