Global real estate consultants Cushman & Wakefield Healey & Baker (C&W/H&B) and CB Richard Ellis (CBRE) announced today the sale of Sintra Retail Park to the Continental Europe Retail Fund of Pillar Property. The property was sold via the transfer of shares in the holding company, with the transaction reflecting an asset price €29.7 million. Sintra Retail Park is Portugal’s first genuine retail park, which was jointly developed by UK-based Miller Developments and Sonae Imobiliária.
The Park is located 18km north west of the Lisbon central business district, fronting the IC19 motorway, which carries in the region of 50,000 vehicles/day. The scheme opened, fully let in November 2000, and totals 17,300 sq m (186,222 sq ft) with 650 car parking spaces on a plot of 5.25 hectares (13 acres). The property is securely let on a long-term basis to a variety of multinational and multi-store, experienced Portuguese retailers.
Miller Developments were represented by Cushman & Wakefield Healey & Baker. CB Richard Ellis represented the purchaser, Pillar Property PLC.
Matthew Walker, Partner of Cushman & Wakefield Healey & Baker (Portugal) comments: “During the last 6 months there has been a significant increase in interest by foreign retailers, particularly Spanish, in establishing a presence within Portuguese retail parks, which will inevitably strengthen the investment value of this sector. “
According to Francisco Horta e Costa, Head of Investiment of CB Richard Ellis (Portugal), “Retail parks in Portugal continue to improve with heightened consumer awareness. Sintra is one of the leading retail parks with its retail trade underwritten by a significant catchment population of 780,000 residents within a 20 minute drive”.
Valentine Beresford, Board Director of Pillar Property PLC comments “Sintra Retail Park is our first acquisition in Portugal and our third on Continental Europe, with several further negotiations currently being undertaken. We are the largest manager of retail parks in the UK and have now embarked on the creation of a €600 million European retail park portfolio (Pillar Retail Europark Fund) along similar lines to our Hercules Unit Trust in the UK. We have confidence in the success of the retail park concept in Portugal and envisage making further acquisitions in during 2004”.
Stephen Hynes, Head of Miller Developments in Portugal comments: “Sintra Retail Park was our first development in Portugal, which opened fully let in November 2000, and has been a successful venture. We have since progressed with the planning and development of various additional retail parks including Coimbra Retail Park, which opened in November 2003, and further parks are planned in Loures, Setubal and Maia”.