The Iberia Coop Fund, a programmatic venture between CBRE Global Investment Partners (CBRE GIP) and Sonae Sierra, has acquired the Albufeira Retail Park and the Continente Hypermarket premises. The vendors were a publicly listed REIT and SonaeRP respectively.
Both Albufeira Retail Park and Continente are situated in Guia, located next to the A22 motorway and National 125. This is within the Algarve region which is Portugal’s renowned tourist destination. Both assets are part of a wider park which includes AlgarveShopping, the dominant shopping centre in the region. AlgarveShopping is owned by the joint venture between CBRE GIP and Sonae Sierra.
Albufeira Retail Park is 11,150 m² and it is currently 100% let to a mix of retail brands. Key tenants include Conforama, Radio Popular, Nike and Iceland. There are 10 units on the park.
The hypermarket is 16,155 m² and is a 100% let to Continente, the largest food retailer in Portugal.
Charles Baigler, Head of European Transactions for CBRE GIP, said: “By acquiring these two assets alongside our existing holding at AlgarveShopping, we have consolidated our ownership in a strong performing centre and will benefit from the marriage value and additional control we now have in an already strong performing location.“
Alexandre Fernandes, Head of Asset Management of Sonae Sierra for Europe, said: “By acquiring the retail park and hypermarket, it shows our dedication to sourcing the most attractive assets and remains in line with our growth strategy. We hope the increase of asset management options in this region will allow us to take advantage of the benefits it has to offer.”
Other assets in the fund include the 19,182 m² Estação Viana Shopping, in Portugal and the 41,090 m² Luz Del Tajo shopping centre, in Spain.
Sonae Sierra manages the Iberia Coop Fund and Retail Partners Europe advised both acquisitions.
