PREF, a fund advised by British Land European Fund Management, has acquired Lima Retail Park in Viana do Castelo, Portugal from a 50/50 joint venture of Sonae Sierra and Miller Developments for EUR 18.5 mln. The transaction price reflects a net initial yield of 6%.
PREF, a fund advised by British Land European Fund Management, has acquired Lima Retail Park in Viana do Castelo, Portugal from a 50/50 joint venture of Sonae Sierra and Miller Developments for EUR 18.5 mln. The transaction price reflects a net initial yield of 6%.
Lima Retail Park is a 27,664 m2 development which comprises 13 retail units, a restaurant and a 400-space car park. Following the transaction, PREF is the largest owner of retail parks in Portugal with four trading schemes and one development totalling 93,000 m2. The deal also represents the second transaction between PREF and the joint venture following the acquisition of Sintra Retail Park in February 2004.
British Land European Fund Management is a partnership between British Land and Doric Properties.
