Wholesale giant Metro has announced that its Makro Portugal arm has sold its Lisbon location in a sale-and-leaseback transaction.
The site, in the Alfragide district of the Portuguese capital, has been purchased by Imofomento, an investment fund managed and represented by BPI Gestão de Ativos.
Long-Term Contract
The sale price was €40 million, Metro said in a statement, with Makro Portugal securing operations at the location for up to 30 years, including extension options.
“This transaction confirms the excellent results that Makro Portugal has achieved over the last few years, and during the pandemic period," said David Antunes, chief executive of Makro Portugal. "This sale-and-leaseback transaction by Metro AG in the Portuguese market reaffirms the group's confidence in our country.”
According to Metro, the sale of the Portuguese asset is part of the global portfolio strategy of its Metro Properties arm, which focus on sustainably increasing the value of Metro's real estate portfolio.
This includes investments in locations, their further development and, in select cases, sale-and-leaseback with a long-term commitment, the group said.
'Realise Value Increases'
“In Alfragide, we are now at the point in the real estate life cycle where we can realise value increases," commented Jürgen Schwarze, CFO at Metro Properties.
"The investor benefits both from Metro Properties’ successful development of the location and from Makro Portugal, as a premium operator, remaining the chief occupant of the property.”
Real estate and investment management firm JLL was brought in to conduct the sales process.
Metro posted a 11.9% decline in sales in its second quarter, it announced in May.
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