Sogenial Immobilier debuts in Portugal with the acquisition of Évora Retail Park
Miguel Sena • 16/01/2024
The fund manager starts its activity in Portugal with the acquisition of Évora Retail Park, which was owned by a banking institution, totaling ca. 8,000 m2 and leased to Worten, Sportzone, Rádio Popular and JOM, four well-known retail tenants in the Portuguese market. Located next to the only shopping center in the city, Évora Plaza, the property now acquired is part of this important commerce conglomerate for the population of Évora.
Cushman & Wakefield (C&W) was involved in this transaction, acting on behalf of the seller.
Sogenial was advised by PBBR, which included the work of a multidisciplinary team, led by Pedro Pinto (Real Estate). Finally, NewCycle provided technical advice on the transaction.
Jean-Marie Souclier, President of Sogenial Immobilier, highlights the “importance of the first transaction conducted by Sogenial in Portugal. The country is increasingly presenting itself as a solid investment destination, with very interesting fundamentals. These lead us to want to grow in Portugal,
Francisco Seabra Ferreira, Head of Real Estate for Serris REIM in Portugal, highlights that “this was an opportunity that we wanted to secure, due to the asset positioning for the city of Évora and the quality of the tenants with solid long-term contracts.”
Tiago Pereira, Associate and Head of Retail Investment at C&W, adds that “this deal proves that, even in a more challenging context, the Portuguese real estate market continues to capture the strong interest of foreign investors with more conservative profiles and that, properties with recognized tenants on the market and long lease terms, maintain strong demand. With this acquisition, the buyer secured a property with an excellent level of operational consolidation, with a positive track record and continuous growth, as well as first -class tenant mix in the Retail Parks segment. C&W teams’ involvement went from A to Z, from the detailed analysis and preparation of the property for the market, to the successful conclusion of the transaction.”
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