With 29,000 m², Parque Mondego is located outside Coimbra, and is currently the largest commercial park in the country. It has 21 stores, among them Decathlon, Bricomarché, Deborla, Minipreço or Rádio Popular. The asset was acquired from CBRE Global Investors, represented in the transaction by JLL.
Fernando Ferreira, Head of Capital Markets at JLL, mentions that "this business confirms that the international interest for our country continues very strong and that retail remains as the main destination of this capital. But it also shows that there are more and more nationalities investing in Portugal and that, opposite to what happened at the beginning of this positive market cycle, foreign investors are spreading their focus to secondary cities”.
Antonio Simontalero, Portfolio Manager of CBRE Retail Property Fund, explains that "we are very pleased with this transaction and have worked with Mitiska REIM on the business. The sale of Parque Mondego follows the implementation of an intensive marketing plan that resulted in the full occupation of the asset and is part of the strategy of the CBRE Retail Property Fund ("RPFI") to optimize the composition of its portfolio and focus on core assets”.
On the other hand, the Focus Park Canidelo has a GLA of 8,400 m², including 4 commercial spaces and brands such as Seaside, Home Space, Jumbo or the Fit Plus gym. It was acquired from Temprano Capital Partners.
Timothy Young, of Temprano Capital Partners, said that "when we bought the asset at the end of 2015 there was still some distrust on the part of investors regarding Portugal. From that period on, we have benefited not only from a change in attitude but also from a market shake that allows us to improve and consolidate the profitability of the asset”.
Tim Seconde, Head of Capital Markets at RPE, says, "we are delighted to have identified this opportunity for our customer, an investor specialized in retail with a focus on value creation. Even in today's more competitive climate, there are many opportunities for investors who are able to wait and look for them."
Axeli Despriet, CEO of Mitiska REIM, says: "we are delighted to enter Portugal, a market that is now enjoying a good momentum both in terms of the business cycle and the real estate market." He said that 'as a result of the economic crisis, a number of traders and investors moved away from Portugal. We now see quite the opposite trend, with real estate transactions reaching record levels and the return of retailers and investors, attracted by the improved economic environment and attractive risk / return opportunities."