2017 was a very busy year with a significant amount of investor interest and activity in the Iberian markets. We are pleased to have been able to advise on 8 retail transactions in Portugal and 4 major retail deals in Spain as well as completing our first office transactions, alone totaling €61 million in Portugal.
Dolce Vita Tejo
Dolce Vita Tejo is Portugal´s second largest centre after Colombo. RPE represented the Vendors in this landmark transaction.
Mondego Retail Park
RPE advised Mitiska Reim on the acquisition of Mondego Retail Park in Coimbra from CBRE GI in Q4 2017. Mondego Retail Park is the largest retail park in Portugal with circa 29,000 m² and is anchored by Decathlon, Radio Popular, JOM, Moviflor.
Focus Retail Park
RPE advised Temprano on the sale of Focus Retail Park in Greater Porto to Mitiska Reim in Q4 2017. This retail park has circa 8,000 m² and is anchored by a Jumbo (Auchan group) supermarket. The scheme has excellent access and benefits from being in a growing area in Gaia (South bank of Porto).
RPE advised SPF (Sonae Sierra Portugal Fund) and Rockspring on the sale of Serra Shopping to Global Armorica in Q1 2018. The scheme is located in Covilhã and is the sole retail offer in the catchment area. It is anchored by a Continente hypermarket, Worten, Max Mat, Bershka and NOS cinemas.
Albufeira Retail Park
RPE has advised Iberia Coop on the acquisition of Albufeira Retail Park from Northstar. Albufeira is one of the top retail parks in Portugal by performance and is located adjacent to Algarveshopping thereby consolidating the Funds ownership in this location.
Albufeirashopping and CC Continente Portimão
RPE advised SPF (Sonae Sierra Portugal Fund) on the sale of Albufeira Shopping Center and C.C. Continente Portimão to Square Asset Management in Q4 2011.
Forum Coimbra & Forum Viseu
RPE advised CBRE Global Investors on the sale of two shopping centres in Portugal. Forum Coimbra is a 50,000m² high quality regional shopping centre in central Portugal. Forum Viseu is a 18,700m² modern urban shopping centre also in Portugal´s central region. It was sold to a South African REIT with this transaction being their first acquisition in the Portuguese market.
Continente Hyper Algarveshopping
Following on from the acquisition of Algarveshopping (alongside Luz del Tajo in Toledo, Spain and Estacao Viana in Viana do Castelo, Portugal), RPE has advised Iberia Coop on the acquisition of the Continente hypermarket in Algarveshopping from Sonae RP. This acquisition consolidates Iberia Coop’s ownership in the centre.
Spanish Retail Warehouse Portfolio
RPE acted on behalf of Castellana Properties Socimi, a subsidiary of Vukile a listed South African REIT, to acquire a €~193 million portfolio of 9 retail warehouse parks located throughout Spain with a total lettable area of 117,670m² from Redevco Iberian Ventures. This was Vukile´s first investment in the Spanish market.
Centro Comercial H2O, Madrid
RPE advised CBRE Global Investors in their agreemet to acquire a majority stake in CC H2O, a 52,000m² shopping centre located in Rivas Vaciamadrid, a new and growing suburb to the city.
Parque Comercial Abadia, Toledo
RPE originally advised Rockspring on the acquisition of the retail park in 2011 and continued to advise them on the sales process for this 53,000m² park that is one of the top retail parks in Spain.
Centro Comercial Metromar, Sevilla
Acting on behalf of a Schroder managed joint venture, RPE advised on the acquisition of Metromar, a 23,500m² urban shopping centre located in a wealthy suburb of Seville. RPE has been retained for the local strategic asset management services.
Portimão Retail Center, Portimão
RPE advised Redevco Iberian Ventures (a JV between ARES and Redevco) on the sale of Portimão Retail Center, a €20 million (12,000m²) retail park in Portugal´s Algarve to Olimpo Socimi. RPE advised ARES on the acquisition in 2014 and assisted with the asset management during the ownership period prior to sale.
Following the acquisition of the 50,000m² centre for KKR, RPE was retained as Strategic Asset Manager to assist in the formulation of the business plan for the centre and to ensure that the business plan was delivered. The business plan included an investment of over €8 million euros in the centre, refurbishment of the common areas, repositioning the image of the centre, a new marketing strategy releasing approximately 20% of the GLA and restructuring of the lease contracts. Over a two-year period, the centre grew in sales and visitor numbers by over 16% and was 100% leased.
Two years post purchase RPE undertook a selective and competitive marketing process and the centre was sold for over €140m to a fund managed by THRE.
3 Shopping Centres in Iberia
RPE advised CBREGIP on the acquisition of 3 Shopping Centre’s in Spain and Portugal from Sonae’s Sierra Fund. The acquisition included Luz del Tajo in Toledo (Spain), Algarveshopping in Albufeira (Portugal) and Estacao Viana in Viana do Castelo (Portugal). The transaction is one of the largest retail transactions in Iberia.
Meraville Retail Park, Bologna, Italy
RPE sourced and advised TH Real Estate on the off-market acquisition of Meraville Retail Park in Italy. Meraville is one of the strongest retail parks in Italy with a very strong retailer line up including Leroy Merlin, Coop, Mediaworld, Decathlon, Pitarello, OVS and Piazza Italia. The acquisition totalled just over 35,000m² of GLA and is one of the most important retail transactions in the Italian market in 2016.
4 Supermarket assets
RPE sourced and advised Aberdeen on the off-market acquisition of 4 supermarket assets in Sintra, Palmela, Loulé and Leça do Balio (Porto) on behalf of the Aberdeen Fund. The portfolio was acquired from Sonae RP and benefits from a long lease to Sonae’s Continente retail brand.
RPE sourced and advised M&G Real Estate on the acquisition of 12 hypermarket and supermarket assets located in strategic locations across Portugal from Sonae RP for €164m. The transaction was the largest retail sale and leaseback to occur in the Portuguese market in recent years and the investment benefits from a long lease to Sonae’s Continente retail brand.
PREF Retail Park Portfolio
Jointly with JLL, RPE advised PREF on the sale of the PREF retail park portfolio in Portugal to Blackstone and Multi. The portfolio comprised retail parks in Sintra, Aveiro, Santarém, Viana do Castelo and a site in Portimão.
Alegro Setúbal, Portugal
RPE advised Immochan on their new joint venture with Alaska Permanent Fund Corporation (APFC) who were represented by CBRE Global Investors. The transaction involves the sale by Immochan of a 50% interest in the holding company that owns the shopping centre. Alegro Setúbal is a new development by Immochan which opened in 2015 and comprises a 44,450m² shopping centre anchored by a 16,560m2 Jumbo hypermarket. The centre is 100% leased to 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 and Fitness Hut.
Spanish Retail Park.
Acting on behalf of KKR, RPE advised on the sale of their 16,000m² retail park located in Zamora, Castilla Leon. The retail park known as Vista Alegre comprises 16,000m2 and is anchored by El Corte Ingles, Aki, Kiabi Worten, Merkal and Sprinter.
Parque Comercial Rivas Futura, Madrid
Acting on behalf of Credit Suisse, RPE advised on the acquisition of Parque Comercial Rivas Futura. The total retail park comprises over 50,000m² of GLA and is anchored by Media Markt, Toy R Us, El Corte Ingles, Conforama, Kiabi and Worten, and is adjacent to the largest Leroy Merlin and Decathlon stores in Spain.
Retail Warehouse Portfolio
Acting on behalf of Rockspring, RPE ran the process for the sale of a portfolio of 4 prime Decathlon stores located in Madrid and Barcelona with a total GLA of 19,000m², and the sale of Parque Comercial Tres Caminos,Cadiz anchored by Media Markt, Kiabi and Lidl and adjacent to Leroy Merlin.
Acting on behalf of UBS Global Asset Management, RPE advised on the acquisition of the 25,000m² Continente Hypermarket in Colombo Shopping, one of Lisbon´s top shopping centres, for €53.6m.
Mouzinho da Silveira, 10
Boutique CBD 1 office asset fully let to the Portuguese Council of Magistrates. Acquired on behalf of a private client of Guggenheim Wealth Management.
Prime Zone 5 office asset fully let to Ageas Seguros. Acquired on behalf of Zurich Insurance from a private Brazilian investor.
Prime, multi-let office building in the heart of Zone 5. Tenants include Adidas and Red Bull. Acquired on behalf of Merlin Properties.