Union Investment acquires hypermarket in Lisbon’s largest shopping center

Union Investment has acquired the Continente Colombo hypermarket operated by food retailer Sonae MC in the Portuguese capital, Lisbon.

The hypermarket boasts an extensive foyer featuring various service, retail and restaurant units and covers a total area of 23,445 square meters (252,368 square feet). The acquired property forms part of the Colombo shopping center, which opened in 1997 and is Portugal’s dominant and busiest shopping center with more than 300 tenants. The acquisition will be added to the portfolio of institutional open-ended real estate fund UniInstitutional European Real Estate.

The parties agreed to not disclose the purchase price.

“With the acquisition of Continente Colombo, we are taking advantage of a great opportunity to further diversify our real estate  portfolio in Iberia and enter the retail real estate segment in Portugal for the first time,” said Laura Roll, investment manager at Union Investment.

Alongside its attracti