The FINANCIAL -- JLL, acting for Blackstone, has completed the sale of Almada Fórum from the Rio Tejo retail portfolio, to Merlin Properties. The portfolio originally comprised three prime shopping centres and a retail park. Almada Fórum is the last property in the portfolio to be sold. Combined the Rio Tejo portfolio represents the largest ever portfolio transaction in Portugal at over €900 million.
"Almada Fórum is an award winning, dominant trophy asset benefitting from a unique location and strong performance. Comparable to a number of prominent shopping centres across Europe, Almada Forum appealed to a wide range of core international investors reinforcing confidence in the Portuguese market," commented Fernando Ferreira, JLL Portugal Head of Capital Markets.
Mike Bellhouse, Regional Director, EMEA Retail Capital Markets at JLL added, "Despite challenges in the retail sector, this transaction demonstrates that good quality retail assets in strong locations, providing defensive and resilient characteristics remain attractive. We're continuing to see demand from experienced investors, both domestic and international, for opportunities to acquire assets of scale in new markets."
Elmar Schoonbrood, Managing Director, Real Estate, at Blackstone, said, "The sale of Almada Fórum is another successful example of our strategy of buying and stabilising complex assets and portfolios. Through active asset management and key value-add initiatives, Blackstone enhanced the tenant mix and consumer experience across the portfolio."
The Rio Tejo portfolio included Fórum Montijo, Fórum Sintra, Sintra Retail Park and Almada Fórum of more than 210,000 sqm of Gross Lettable Area (GLA) with 542 national and international tenants.