Portuguese retailer Sonae has announced that its Iberia Coop Fund has acquired two 'retail assets' in the country.
The fund, a joint venture between real estate investment firm CBRE Global Investment Partners and property company Sonae Sierra, has bought the Albufeira Retail Park and the Continente Hypermarket premises located in Guia.
Situated in the Algarve region, the retail park is comprised of 11,150 square metres and is fully let-out to a mix of retail brands, such as Conforama, Nike and Iceland, with a total of 10 units.
The hypermarket is a 100% let to Continente, owend by Sonae and Portugal's largest food retailer.
A larger park, owned by the joint venture and known as AlgarveShopping, encompasses both assets.
Alexandre Fernandes, head of asset management in Europe for Sonae Sierra, said, "By acquiring the retail park and hypermarket, it shows our dedication to sourcing and managing the most attractive assets with good performances and high potential, in line with our growth strategy.
"This increase in the investment will reinforce our investment and service provision strategies in Portugal."
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. To subscribe to ESM: The European Supermarket Magazine, click here.
