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Alaska Permanent Fund expands European retail partnership

by Andrea Waitrovich

The Alaska Permanent Fund Corp. and European retail investor Immochan have expanded their strategic joint venture partnership through the acquisition of the Alegro Setúbal shopping center in Setúbal, Portugal. CBRE Global Investors represented the firms. According to Real Capital Analytics, the asset was sold by Auchan Hypermarket, an affiliate of Groupe Auchan SA.

Terms of the transaction were not disclosed.

The transaction is the latest in a strategic joint venture between the two parties, which sees APFC acquire a 50 percent stake in the center from Immochan. In line with existing joint venture investments between the parties, Immochan will continue as property manager, and asset management will be shared between Immochan and CBRE Global Investors.

Alegro Setúbal comprises 480,000 square feet of gross leasable area over three floors. The center is 100 percent occupied, including shops from leading international fashion brands s

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