UBS Global Asset Management has invested €53.6m in a Portuguese retail property asset.
The investment manager said it bought the Continente hypermarket in Lisbon’s Colombo shopping centre for a European real estate mandate.
The 25,000 sqm store, let to the Modelo chain on a long-lease, was sold by Sesagest, a subsidiary of Lisbon-listed Sonae Group.
UBS Global Real Estate’s head of asset management in Iberia, Jesús Silva Gallardo, said the deal was a “rare opportunity” to secure a prime retail asset with a strong and stable cash flow with a leading brand and anchor tenant in a popular Lisbon shopping centre.
The investment manager said there was growing interest in Portugal’s commercial property market.
Last month, Blackstone Real Estate Partners Europe IV bought a shopping centre portfolio in Portugal and Spain.
The company was understood to have paid around €500m for the portfolio, which will be managed by its Multi Corporation retail manager.
Two of the centres are in Lisbon and offer 59,000 sqm and 41,000 sqm of space.
Blackstone bought shares in the assets from Commerz Real’s CG Malls Europe Fund.
Patrizia Immobilien recently opened an office in Iberia.
Borja Goday, appointed head of the new subsidiary, will be responsible for the company’s activity in Spain and Portugal.
