AM ALPHA acquired a retail park in Sintra with a lettable area of over 20,000m2. The property is the leading retail park in Portugal and part of the largest retail hub near Lisbon. AM ALPHA is acquiring the retail park as the lead investor in a joint venture with several European family offices. The seller is Ceetrus. The parties have agreed not to disclose the purchase price.
The property is part of the largest retail hub in Lisbon's Sintra zone, with 130,000m2 of modern retail space. It's located on the A37 motorway and is easily accessible. The catchment area includes around 580,000 people within a 15-minute drive. The property is fully let to 15 high-profile tenants, including popular consumer electronics, interior design, and gastronomic outlets.
"Shopping in Portugal mainly takes place on the outskirts of cities, as retail in the city centre has been restricted for many years. As a result, large and attractive retail parks have developed on the outskirts of the cities, offering a unique shopping experience. They offer a diverse mix of tenants, innovative leisure and entertainment facilities, and free parking, making shopping more pleasant and convenient," said Rafael Macia, Head of Iberia at AM ALPHA. "Portuguese retail parks - in the right location and with the right concept - are therefore a very attractive asset class. We recognised this early and acquired the BPlanet retail park south of Lisbon in 2019."
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Image provided by AM ALPHA.
