The Albufeira Retail Park was sold by a listed real estate investment fund (REIT) and Sonae RP sold the hypermarket. Both are in the Algarve, in the Guia zone, beside the A22 motorway and the National 125 trunk road , part of a larger complex which includes AlgarveShopping, also held by this partnership between CBRE GIP and Sonae Sierra.
Albufeira Retail Park has 10 shops over 11,150 m² and is totally occupied by brands such as Conforama, Rádio Popular, Nike and Iceland.
The hypermarket covers an area of 16.155m² and is occupied commercially by Continente.
Charles Baigler, Global Director of Transações Europeias at CBRE GIP, comments that «on acquiring these two assets, together with the participation that we already have in ao AlgarveShopping, we have consolidated our position in this high performing centre and will take advantage of the profits and additional control we will hold in a region of great potential».
In turn, Alexandre Fernandes, Global Director of European Investment at Sonae Sierra, believes that «the acquisition of the retail park and the hypermarket demonstrate our skill in the discovery and management of attractive assets with a good performance and high potential, in line with our strategy for growth. This added investment will add potential and strengthen our investment strategy and the provision of services in Portugal», she explains.
It can be recalled that also included in the fund Iberia Coop’s portfolio is Estação Viana Shopping, in Portugal, with an area of 19.182 m2, and the Centro Comercial Luz del Tajo, in Spain, with an area of 41.090 m2. Sonae Sierra is the manager of Fundo Iberia Coop and Retail Partners Europe were the consultants in both transactions.