Principal acquires Continente supermarket in Lisbon for €10.2m (PT)

Principal acquires Continente supermarket in Lisbon for €10.2m (PT)

Principal Global Investors, acting through its real estate investment team, Principal Real Estate, has acquired a supermarket in Lisbon, Portugal, for €10.2m. Located in Setubal to the south of Lisbon, the 2,700m² supermarket is let on a long-term 15-year lease to Continente, which is part of Portugal’s leading food retailer, Sonae Group.

 

Robert Leadbetter, fund manager of the Principal Eurozone Durable Income Fund, commented: “Grocery retail real estate has been one of the stand-out asset types during the pandemic, providing investors with stable, typically long-term, income on inflation-linked leases, backed up by a robust performance from the underlying essential retail occupiers. Viewed against the current economic backdrop of high inflation and rising interest rates, this is exactly the type of asset we’re looking for to complement PEDIF’s investment strategy.”

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