Sonae Sierra and Miller Developments have concluded the negotiations for the sale of the total capital of Lima Retail Park to PREF, the European retail park fund managed by British Land European Fund Management LLP.
Sonae Sierra and Miller Developments were advised by Cushman & Wakefield on the disposal. PREF was advised by CB Richard Ellis.
Lima Retail Park, located in Viana do Castelo, is a new development which provides 13 shops, two of which are in a large format for the Maxmat and Moviflor brands. Lima Retail Park also hosts brands such as Mundo dos Fatos, Fábio Lucci, Loucura Center, Colchões & Cª, CentroXogo, Casa and Rox, a restaurant which has been let to Terra & Mar - and a free car park with 400 spaces.
Built on a 27.664-m² site, with a GLA of 10.764 m2, Lima Retail Park will continue to be managed by Sonae Sierra.
Lima Retail Park is the fourth project developed in Portugal by the joint venture between Sonae Sierra and Miller Developments. The joint venture was created in April 1998 for the development of this format in the Iberian peninsula.
Besides this development in Viana do Castelo, Sonae Sierra and Miller Developments have in their project portfolio the Retail Parks of Alverca, Loures and Setúbal, and have successfully developed Sintra Retail Park, also sold to PREF, and Coimbra Retail Park. Following this transaction, PREF is the largest owner of retail parks in Portugal, with four trading schemes totaling 67,000 m². The remaining schemes are located in Aveiro, Portimao and Lisbon. In addition, PREF has contracted to acquire one further development, a 26,000-m² development which is currently under construction in Santarem.
The Retail Park format consists of several integrated units, having areas that vary between 150 m2 and 4,000 m2. The main benefit of this format is the fact that it offers tenants a larger showroom and significantly lower costs when compared to a shopping center, with competitive rents, satisfying the consumers' expectations both in terms of dimensions and offer variety, in areas of activity defined by strict criteria.
Source: Sonae Sierra