Cushman & Wakefield acted on behalf of Commerz Real on the sale of Montijo Retail Park to CA Património Crescente, the largest open-end fund in Portugal, managed by Square Asset Management. The parties agreed to keep the value of the transaction confidential.
The first stores of the Retail Park opened to the public at the end of May with almost 100% of the area leased to national and international top-tier retailers. Cushman & Wakefield was also responsible for marketing and repositioning Montijo Retail Park in light of the competing retail offer, optimizing the layout by adjoining stores (reducing the number of units by half), as well as targeting large occupiers to anchor the project.
David Lopes, Partner and Capital Markets consultant at Cushman & Wakefield, says: “This transaction is an excellent example of the strong appetite of occupiers and investors, procuring retail assets with strong fundamentals. Our contribution began by redesigning the scheme’s original layout and the tenant mix, then securing grade-A retailers to create a high-quality investment product”.
Pedro Coelho, Board Member of Square Asset Management, says: “This acquisition reinforces our strategy to build a diversified portfolio across all sectors, geographies and lease durations.”
With 17,700sqm of gross leasable area and ca. 800 indoor and outdoor car parking spaces, the retail park comprises a diversified and strong retail offer for its catchment area. The anchors include Conforama with more than 9,000sqm, Leroy Merlin with 2,500sqm and Sports Direct with 1,800sqm, as well as other well-known brands, such as Espaço Casa, Be-Fit Gym and Calçado Guimarães.
Strategically located next to Forum Montijo, a landmark retail destination attracting over 8 million visitors annually, Montijo Retail Park also benefits from its proximity to the Vasco da Gama Bridge, which connects Lisbon to the South Tagus region.
The announced construction of an international airport in Montijo is also expected to have a significantly positive demographic impact, with new infrastructure and real estate projects being developed in this area.