German property developer Ratisbona has sold two hypermarkets in Portugal for an undisclosed amount. The transaction, brokered by Jones Lang LaSalle Portugal, is one of the first property investment deals so far this year in the country. The assets, which are leased to the Grupo Jerónimo Martins under the Pingo Doce brand with a 10-year rental term, were sold to an unnamed Portuguese investor. They are located in Alenquer and Reguengos and provides some 3,000 m[sup]2[/sup] of retail space.
German property developer Ratisbona has sold two hypermarkets in Portugal for an undisclosed amount. The transaction, brokered by Jones Lang LaSalle Portugal, is one of the first property investment deals so far this year in the country. The assets, which are leased to the Grupo Jerónimo Martins under the Pingo Doce brand with a 10-year rental term, were sold to an unnamed Portuguese investor. They are located in Alenquer and Reguengos and provides some 3,000 m2 of retail space.
Pedro Lancastre, head of JLL Capital Markets Portugal, said: 'This is one of the first investment deals carried out in Portugal in 2009 which shows the low level of liquidity in the market. The number of investors active in the market is limited and they are mostly interested in assets with solid tenants and long-term rental contracts. This asset had these characteristics and this is why it was concluded with success.'
