Investor and asset manager M7 Real Estate has sold IN Guarda Retail Park to the CA Património Crescente Fund, managed by Square Asset Management.
Located in Quinta da Várzea, in the city of Guarda, IN Guarda Retail was acquired by M7, through the M7 Portuguese Active Fund (M7 PORAF), in 2019. The asset comprises a total area of around 12,000 sqm of retail warehouse space and is currently occupied by a variety of tenants, including Leroy Merlin, Decathlon, JYSK, Centroxogo and Petroprix
Since acquiring the asset, M7 has implemented an active asset management strategy, expanding two units and adding a total of 815 square metres of space. M7 also oversaw the split of a unit of around 2,370 sqm into two, in order to attract a larger number of occupiers. This strategy resulted in an increase in occupancy from 90% to 100%, and a 30% growth in rental income from the asset.
Leonardo Peres, Managing Director of M7 Real Estate Portugal, noted that "we are pleased to announce the successful sale of IN Guarda Retail Park. Through our active asset management strategy, we achieved full occupancy, increasing it from 90% to 100%, and also attracted high quality tenants. This sale highlights our expertise in the Portuguese property market and our ability to create value for our investors."
PORAF was advised by RRP (legal) and RPE (brokerage).