Savills Investment Management has completed the purchase of a portfolio of four supermarkets, with more than 21,600 square metres, for €39 million. The supermarkets are located in Porto, Algarve, Castelo Branco and Nazaré. This operation had the participation of RPE, Uría Menéndez, Savills Tech. Advisors and PwC.
All properties have long-term lease contracts with Continente, the retail chain majority owned by the Sonae Group. This transaction adds four stable assets with a strong track record of long-term cash generation and returns to the portfolio managed by Savills IM.
For Fernando Ramírez de Haro, Managing Director of Savills Investment Management in Spain and Portugal, "the core retail and food sectors are very resilient and have solid fundamentals that allow their owners to navigate economic turbulence in uncertain times. The four newly acquired assets fit perfectly into our strategy and will add value to our investors: they are long term leases to the market leader and, their earnings history, is very promising."