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Savills IM snaps up supermarket portfolio in Portugal
Savills Investment Management has paid around €39 million ($42 million) to acquire a supermarket portfolio in Portugal for its European food retail strategy.
The portfolio consists of four strategically located supermarket properties, located in Gulpilhares, Olhão, Castelo Branco and Nazaré. The total rental space of 21,600 square meters (232,500 square feet) is fully leased on a long-term basis to Continente, Portugal's leading food retailer.
Certification processes are already under way, and all of the properties are expected to be BREEAM “Good” certified.
“The essential retail and food sectors are very resilient and have strong fundamentals that enable their owners to better navigate economic turbulence in uncertain times,” said Fernando Ramírez de Haro, managing director of Savills IM for Spain and Portugal. “The four newly acquired assets fit very well with our strategy and will deliver value to our investors: they are leased on a long-term b