Inaugurated in 2003 in the city of Coimbra, in the centre of Portugal, the retail park comprises a Gross Lettable Area (GLA) of 13.228m² distributed between 13 shops, served by 560 parking spaces. Fully occupied, it is managed by Sierra Management, with brands such as Continente, Worten, Sportzone, Toys’R’Us, Seaside, Modalfa Factory and the Loja do Gato Preto, among others.
“The Portuguese retail market continues to be very attractive to investors, benefitting from the consistent improvement in consumer spending which is passed on as an improvement in the performance of the assets and improved yields for its property owners”, comments Tiago Girão, from Capital Markets da JLL Portugal. In the face of the limited size of the market, and the increase in competition, “investors are now expanding their range, and investing in assets in good secondary locations, this transaction being a good example of this, with the distinctive element of being spearheaded by a leading Portuguese player”.
According to JLL’s books, with this operation included, retail real estate investment totalled 413 million euros to September, with this segment representing 42% do volume total of capital invested in commercial real estate in the first nine months of 2016.
Photo: Telmo Miller