Square Asset Management, through its open-ended fund Property Core Real Estate Fund, has acquired the Alameda Shop & Spot shopping centre in Porto for €51.3 million, marking the fund’s first investment in a retail asset of this scale and format. The acquisition reinforces Property Core’s strategy of targeting income-producing assets with clear value-creation potential in consolidated urban locations across the Iberian Peninsula.
Located next to FC Porto’s Estádio do Dragão, in the Antas district, Alameda Shop & Spot offers around 38,800 sqm of gross lettable area and hosts more than 90 stores, including major international brands such as Zara, Massimo Dutti, Fnac and Primor. The centre benefits from a diversified tenant mix and a catchment area that is set to expand significantly over the coming years.
According to Square Asset Management, several initiatives have already been identified to further enhance the asset’s attractiveness, focusing on active asset management and initiatives aimed at increasing footfall and strengthening operational performance.
Commenting the transaction, Nuno Nunes, Chief Investment Officer at Square AM, said the deal is fully aligned with the fund’s investment policy, highlighting the centre’s potential to deliver superior medium- and long-term returns. After only five years in existence, the Property Core Real Estate Fund already exceeds €360 million in assets under management in Portugal and Spain. The fund is marketed by Banco Best, Novo Banco and Novo Banco dos Açores and currently has around 8,000 subscribers.
A shopping centre with multiple lives
The sale of Alameda Shop & Spot forms part of a broader disposal programme by DWS, the real estate investment arm of Deutsche Bank, and closes a long chapter in the history of Portugal’s former Dolce Vita shopping centres. Originally acquired in 2006 by Spain’s Chamartín Group from the Amorim universe, the Dolce Vita portfolio was later fragmented following the Spanish group’s collapse.
In late 2015, DWS acquired the former Dolce Vita centres in Porto, Coimbra and Vila Real from US private equity firm Lone Star. The assets were subsequently rebranded and repositioned as Alameda Shop & Spot (Porto), Alma Shopping (Coimbra) and Nosso Shopping (Vila Real), undergoing a process of revitalisation and operational repositioning.
Over the past two years, DWS has progressively divested these non-core retail assets. In 2025, it sold Fórum Madeira to the Spanish Socimi Castellana Properties (backed by the South African investor Vukile) for more than €60 million, followed by the sale of Nosso Douro Shopping in Vila Real to L Catterton (the private equity arm backed by LVMH) for €78.8 million. The disposal of Alameda Shop & Spot to Property Core represents the latest step in this strategy.
CBRE advised Square Asset Management on the acquisition on an exclusive basis and will continue to manage the shopping centre. Igor Borrego, Head of Capital Markets at CBRE Portugal, underlined the asset’s potential both from an operational and investment perspective, noting the positive performance trends already recorded and the transformational impact of the surrounding urban developments.
