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#Brainsflash – Of particular note in the past week was the sale of Continente at Centro Comercial Colombo to a German fund.

December, 19, 2022

After the first weeks of December having presented themselves a little calmer, the past week was sturdier and more dynamic in terms of investments and transactions in the real estate market. Of particular note, in the recent days, was the retail segment which was recognized by Sonae’s operations, but which opened new spaces for other brands as well.

At the beginning of the week, Sonae announced the sale of the Continente at Centro Comercial Colombo to a German fund, the Union Investment. The asset, whose transaction value has not been revealed, is the first investment by the German fund in the Portuguese retail sector, has a total area of 23,445 m2, and will be managed by Sonae Sierra.

Meanwhile, in the middle of the week, the retailer Aldi announced the opening of two new stores. The municipalities of Marco de Canaveses and Oliveira do Hospital thus get their first Aldi supermarkets. In line with its expansion strategy, the company now has 122 stores in Portugal. Both spaces have a total sales area of around 1,040 m2.

Soon after, the Pestana Group announced the launching of the Pestana Residences CR7 development. The new residential project, located in Praia Formosa, in Funchal, has an initial investment of 50 million euros. In a first phase, the project includes around 88 T2 and T3 apartments.

With the opening of still another store, the retail segment did not come to a halt last week, with Mercadona inaugurating a supermarket in Oeiras. The company reaches the district of Lisbon, and ends 2022 with a network of 39 supermarkets in Portugal. The new store is located in Taguspark and is the last of the 10 that the company had planned to open this year. It has a sales area of 1,900 m2.

With the week coming to an end, Norfin announced the beginning of the construction of Monview in Miraflores. The investment was made by the Arrow Global fund in partnership with three Portuguese private investors from the NXT Evolution Asset Management. The new private condominium will have 168 units which represent an investment of around 80 million euros.

Soon after, Varino Real Estate announced that, over the next 7 years, it plans to invest around 240 million euros in its next development in Funchal, consisting of 7 buildings.

Finally, it became public that the luxury hotel chain Viceroy is going to sell units of the Ombria Resort, located in Loulé, to Highgate. The transaction should be completed in 2023, even before the units are inaugurated. The value of the transaction has not been disclosed.