Immochan and Alaska Permanent Fund Corporation (APFC), represented by CBRE Global Investors, have acquired the Alegro Setúbal shopping centre in Portugal.
The transaction is the latest in a strategic joint venture between the two parties, which sees APFC acquire a 50% stake in the centre from Immochan. In line with existing joint venture investments between the parties, Immochan will continue as property manager while asset management will be shared between Immochan and CBRE Global Investors, which represents APFC.
Alegro Setúbal comprises 44,450m² of gross leasable area over three floors. The centre, with an occupancy rate of 100%, includes shops from leading international fashion brands such as Mango, H&M, Zara, Bershka, Stradivarius, and Pull & Bear. The centre also has a strong leisure and entertainment component, food court and electronics offer from brands including Fnac, Sport Zone, Cinema City, Fitness Hut, Medical Clinic and a 16,560m² Jumbo hypermarket, which is not included in the transaction).
The centre received the best redevelopment project award at MAPIC 2015 and is a candidate for a best redevelopment award from ICSC. Alegro Setúbal is located on the main entrance to Setúbal, 40km south of Lisbon, a city located in a strategic commercial corridor. Situated between the country’s three major highways connecting Lisbon with the Algarve and southern Spain, the centre provides Portugal with the latest retail experience and destination shopping centre.
The first two transactions in the joint venture between APFC and Immochan were completed in 2014, comprising Zenia Boulevard in Alicante, Spain, and Alegro Alfragide in Lisbon. In total, the joint venture represents a portfolio of 165,250m² in the Iberian Peninsula, which saw more than 29 million visitors during 2015.
Myles Sanger, portfolio manager, CBRE Global Investors, commented: "The acquisition of Alegro Setubal underlines APFC’s confidence in the European real estate market and builds on the strategic partnership with Immochan. Our client is actively seeking further high quality investments to provide long term stable returns to grow and diversify their global real estate portfolio."
Stephane Leverger, director of investments and asset management, Immochan commented: “This latest deal is another important step in our strategy of evolving Immochan’s development through strong relationships with long term partners. We are delighted to be working once again with APFC and CBRE Global Investors.”
Angela Rodell, CEO and executive director, Alaska Permanent Fund commented: “We are excited about the opportunity to team up with Immochan on another high quality retail acquisition in Portugal. We look forward to expanding this strategic partnership as we work to build our portfolio across Europe.”
