CA Património Crescente Fund (PORAF), managed by Square Asset Management, the largest independent Real Estate Fund Manager in Portugal, has acquired the 12,000 m2 IN Guarda Retail Park in Portugal for an undisclosed price.
Poraf was advised bv RRP for legal aspects and RPE for brokerage.
M7 Real Estate, the pan-European investor, sold the asset on behalf of its M7 Portuguese Active Fundhaving having held it since 2019. Tenants include Leroy Merlin, Decathlon, JYSK, Centroxogo, and Petroprix.
Since acquiring the asset, M7 has expanded two units and adding a total of 815 m2. M7 also oversaw the division of a 2,370 m2 unit into two. The strategy resulted in an increase of the occupancy from 90% to 100%, and 30% growth in the asset’s rental income.
