European real estate manager Redevco has acquired BPlanet, a premier retail park in Barreiro, Greater Lisbon, from global family office AM Alpha.
Financial details were not disclosed.
Acquired by AM Alpha in early 2019, BPlanet encompasses more than 35,000 m2 of lettable space and has a diverse tenant mix, including national and international retail leaders across sectors such as hypermarkets, DIY, homewares, electronics, sports, and health, complemented by a food court.
The retail park is located near the intersection of the A2 and A33 motorways, with the N10 roadway and Coina railway station - serving approximately 10,000 commuters daily - further enhancing accessibility. This park serves a catchment area of around 200,000 residents within a 20-minute drive.
Rafael Macia, head of Iberia of AM Alpha, said: ‘This project’s conclusion is a notable achievement, reflecting thoughtful planning and execution.
‘By constant proactive asset management, we navigated the challenges posed by the Covid-19 pandemic, achieving an occupancy rate nearing 100%.
‘On top of that, our commitment to sustainability enabled us to secure a BREEAM Excellent certification, making BPlanet one of the few retail parks in Portugal to attain such a distinction. These accomplishments have significantly enhanced the property’s appeal to investors, aligning seamlessly with their portfolio objectives.’
In recent years, AM Alpha has continuously expanded its Portugal portfolio. In addition to retail parks, several office buildings have been acquired in Lisbon and Porto over the last few years.
AM Alpha was advised on the transaction by RPE and JLL, with legal counsel provided by PLMJ. Multi Corporation has acted as property and centre manager of BPlanet since its acquisition by AM Alpha.
