UBS Global Asset Management has invested β¬53.6m in a Portuguese retail property asset.
The investment manager said it bought the Continente hypermarket in Lisbonβs Colombo shopping centre for a European real estate mandate.
The 25,000 sqm store, let to the Modelo chain on a long-lease, was sold by Sesagest, a subsidiary of Lisbon-listed Sonae Group.
UBS Global Real Estateβs head of asset management in Iberia, JesuΜs Silva Gallardo, said the deal was a βrare opportunityβ to secure a prime retail asset with a strong and stable cash flow with a leading brand and anchor tenant in a popular Lisbon shopping centre.
The investment manager said there was growing interest in Portugalβs commercial property market.
, Blackstone Real Estate Partners Europe IV bought a shopping centre portfolio in Portugal and Spain.
The company was understood to have paid around β¬500m for the portfolio, which will be managed by its Multi Corporation retail manager.
Two of the centres are in Lisbon and offer 59,000 sqm and 41,000 sqm of space.
Blackstone bought shares in the assets from Commerz Realβs CG Malls Europe Fund.
Patrizia Immobilien recently opened an office in Iberia.
Borja Goday, appointed head of the new subsidiary, will be responsible for the companyβs activity in Spain and Portugal.
