Commerz Real has sold its Montijo Retail Park, near Lisbon, to CA Património Crescente, an open-ended real estate fund managed by Portuguese firm Square asset management. The property has been part of Commerz Reals’ open-ended real estate portfolio hausInvest since it was opened in 2009.
The retail property has a GLA of 17,700m² and 803 car parking spaces. The main tenants in the fully-leased property include a 9,000m² Conforama, a 2,500m² Leroy Merlin and a Sports Direct store with a GLA of 1,800 m², as well as other well-known brands, such as Espaço Casa, Be-Fit Gym and Guimarães Footwear.
According to David Lopes, Head of Retail & Business Space Investment at Cushman&Wakefield Portugal stated: “This deal is an excellent example of the great appetite that exists on behalf of retail occupiers and investors. Our contribution began by re-configuring the original retail park layout and defining the tenant mix. By placing first-rate occupants we were able to create a high quality investment product, ”
The property reopened in May 2019 having been fully re-positioned by Cushman & Wakefield who also acted as adviser to the vendor in the sale process.
Commerz is also understood to be selling their retail park in Seville, known as Parque Comercial Alcalá de Guadaira with a GLA of 32,150m² and 1,250 parking spaces.