Portuguese retail property specialist Sonae Sierra and Miller Developments, a subsidiary of the UK property company, have sold the Lima Retail Park in Northern Portugal to the PREF fund for EUR 18.5 mln. The transaction makes PREF, the largest owner of retail parks in Portugal with four schemes totalling 67,000m[sup]2[/sup]. PREF is the European retail park fund, managed by British Land European Fund Management.
Portuguese retail property specialist Sonae Sierra and Miller Developments, a subsidiary of the UK property company, have sold the Lima Retail Park in Northern Portugal to the PREF fund for EUR 18.5 mln. The transaction makes PREF, the largest owner of retail parks in Portugal with four schemes totalling 67,000m2. PREF is the European retail park fund, managed by British Land European Fund Management.
Sonae Sierra will continue to manage the 10,800 m2 retail park that has 13 shops. Two are large format units for the Maxmat and Moviflor brands. The joint venture was created in April 1998 and its other developments are located in Alverca, Loures and Setubal and Sintra. The latter was also sold to PREF.
Sonae Sierra and Miller Developments were advised by Cushman & Wakefield and PREF was advised by CB Richard Ellis.
