16 October 2020 – Cushman & Wakefield’s latest edition of its Marketbeat Portugal Autumn 2020 has shown that even in a year which has been primarily defined by the Covid-19 pandemic, commercial real estate investment between January and September reached €2.33 billion, an increase of 36% year-on-year. The growth was primarily driven by the culmination of a few significant transactions as their average size doubled y-o-y to 67 million euros.
The second quarter of this year, however, saw investment activity fall by 80% to a total of €141 million. Total investment estimates for this year stand at around €2.7 billion, a fall of 15% y-o-y.
The largest transaction ever recorded in Portugal, Allianz Real Estate and Elo’s acquisition of 50% of the joint venture Sierra Prime from Sonae Sierra and APG, involved an investment of approximately 800 million euros. The retail sector thus led investments, attracting 46% of the total (€1,058 million). The office sector followed, with 35% of the total (approx. €810 million), as Kildare Partners sold Lagoas Park to Henderson Park Capital Partners for €421 million and Finsolutia’s PREOF portfolio to Cerberus for an estimated €150-170 million.
Original Story: Diário Imobiliário
Translation/Summary: Richard D. Turner