International real estate investment manager Savills Investment Management has inked a deal to buy the Aveiro Center, a shopping centre in the Portuguese city of Aveiro, for €29 mln.
The transaction marks Savills IM’s first acquisition in the country on behalf of its Euro V fund.
'Portugal represents a key market for us in our plans to expand across the Iberian Peninsula,' said Fernando Ramírez de Haro, managing director for Spain and Portugal, Savills IM.
'This acquisition is another step towards achieving our target of investing €500 mln in the Peninsula by 2018 and, over the last month, we have closed acquisitions totalling €400 mln.'
The asset has a gross leasable area (GLA) of 30,700 m2 and houses a hypermarket operated by Continente, a mall comprising
39 units and four medium-sized premises.
The hypermarket covers an area of almost 15,000 m2. The medium-sized units are leased to several firms, including MediaMarkt, which occupies a 4,500 m2 warehouse.
'This off-market deal is a typical example of transactions that demonstrate our qualities as a competitive and reliable buyer to vendors and our value creation capabilities to investors,' concluded Ramírez de Haro.
