Savills Investment Management (Savills IM), the international real estate investment manager, has acquired a supermarket portfolio comprising four strategically located properties in Portugal for its European food retail strategy. The purchase price was around €39 million. With this purchase, equity commitments for the strategy grow to a volume of €470 million – with properties in the Netherlands, Ireland, Denmark, the UK, Germany and now Portugal.
The four established supermarkets in Portugal are located in Gulpilhares, Olhão, Castelo Branco and Nazaré. The total rental space of 21,600 sqm is fully leased on a long-term basis to Continente, Portugal's leading food retailer, majority owned by Sonae Group. All properties are expected to be BREEAM "Good" certified – certification processes are already underway.
Savills Investment Management was advised on the transaction by RPE, Uría Menéndez, Savills Tech. Advisors and PwC.
Source: Press release