Property Core Real Estate Fund, managed by Square Asset Management, bought the Alameda Shop & Spot shopping center near Porto for 51.3 million euros and announced the property, 27, in CBRE real estate.
The Property Core Real Estate Fund, established over five years, currently exceeds €360 million in assets and is managed in Portugal and Spain, with a focus on assets that guarantee current returns, appreciation potential and a prudent return/risk relationship, which is communicated to CBRE, which is reviewing this acquisition in exclusivity mode and ensuring the continuity of the mall’s management mandate.
For more than 90 years, including several multinational brands, Alameda Shop & Spot is the first active company to integrate the Property Core Real Estate Fund’s real estate portfolio.
The “shopping” site is located in the Antas area, near the Estadio do Dragão, near Porto, with 38,800 square meters of local area and positive sales indicators and “footprints”, according to CBRE.
The real estate company notes that it is located “in an area with high consolidation potential, which aims to count the number of new residential and commercial businesses expected for development,” which is expected to increase to more than 7,600 new residents and workers in the area.
“We greatly appreciate the potential of the Alameda Shop & Spot, which is the point of view of its operation, which records its significant growth, which is the point of view of its investments. Everything around the center is changing, with new residential and office projects that are occupied by more consumers than ever before lojas,” says Igor Borrego in a press release, quoted in the press release head of capital markets CBRE Portugal.
Square Asset Management’s “Chief Investment Officer”, Nuno Nunes, said he had identified “various initiatives that could be implemented to strengthen the appeal of this investment, particularly through active management and capture of a greater flow of visitors”.
“The investment opportunity is in line with the Fund’s investment policy and represents an adequate profile in order to achieve higher returns in the medium and long term,” he said.
The fund, which is commercially available at Banco Best, Novo Banco and Novo Banco dos Açores, currently has 8,000 subscribers.
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