Cushman & Wakefield’s Portuguese Asset Services team has won the mandate to manage the leases for 12 hyper and supermarkets throughout the country on behalf of M&G Real Estate. Besides the lease management, Cushman & Wakefield will provide general consultancy on these assets.
M&G Real Estate acquired the portfolio, which totals 58,000 sq.m of floor space, in a sale & leaseback operation with Portugal’s premier food retailer Modelo Continente (Sonae group).
M&G Real Estate, the real estate fund management arm of M&G, is one of the world's largest property investors with over £25bn of assets globally.
André Navarro, Head of Retail Asset Services for Portugal, who led the pitch, commented that “the quality and reputation of the tenants Continente / Modelo Continente from Sonae group were decisive for this investor, and in the same way we are very pleased to see the same criteria applied to the managing agent’s appointment, allowing Cushman & Wakefield to stand out and being instructed for this major mandate”.