Deka Immobilien has sold a shopping center in Portugal from an open-ended real estate institutional fund. The buyer is the Fundo Iberia Shoppings property fund, which was recently set up by the Brazilian bank BTG Pactual and Renato Rique (Chairman of Allos S.A.). The parties have agreed not to disclose the sale price.
The almost fully let shopping center has a lettable area of around 12,000 square meters (129,167 square feet), 460 parking spaces in the underground car park and 366 outdoor parking spaces. It was built in 2005 and extensively revitalized in 2019. The property is located in Torres Novas in a visible location on the A23 motorway between Leiria and Santarém in central Portugal, about a 75-minute drive from Lisbon.
With this transaction, the fund is taking advantage of the increased demand for consolidated shopping centers on the Iberian peninsula and is disposing of the property in line with its strategy after a holding period of more than 17 years.
