The real estate investment manager Clarion Partners Europe has acquired a portfolio of six newly developed supermarkets across Portugal from Dutch-based developer Ten Brinke, on behalf of one of its commingled funds.
The properties, totalling 13,000 sqm, are fully leased on new 20-year terms to one of Europe’s largest food retailers. Each of the six assets has been recently delivered to modern technical standards and with rooftop photovoltaic panels.
Around 60% of the annual base rent comes from assets located in the Lisbon and Porto metropolitan areas, meaning that a significant proportion of the portfolio’s income is concentrated in the country’s two main urban markets.
“The Portuguese food retail sector is highly attractive, underpinned by resilient consumer spending and strong tenant covenants. This portfolio aligns with our conviction in the sector’s long-term defensive characteristics, offering stable, predictable income streams while also benefitting from modern, strategically located assets around key population centres”, said Max Rooney, Director at Clarion Partners Europe.
Clarion Partners Europe was advised by Linklaters, Arcadis, CBRE and Deloitte.
