• Transaction / Assets
    Sonae Sells Efanor Allotment in Porto to Grandavenue72 for €30 Million
  • Seller
    Sonae Capital
  • Buyer
    Grandavenue72
  • € MM
    30

Sonae Sells Efanor Allotment to Grandavenue72 for €30 Million

16 November 2018

With 104,785 square meters of above-ground gross surface area, the “Efanor allotment” in Matosinhos was one of the most valuable assets in Sonae Capital’s real estate portfolio. The company has now opted to sell it to Grandavenue72 – Sociedade Imobiliária, S.A., as part of the strategy of divesting non-core assets. The asset sold for 30 million euros.

Sonae Capital, now led by Miguel Gil Mata – who replaced Cláudia Azevedo as CEO – held 420.5 million euros of real estate assets at the end of September 2018, and the sale positively impacted the total in the amount of two million euros.

The 30 million euro sales price, according to Sonae Capital, will be paid in three tranches of 10 million euros. The first tranche was paid yesterday; and the second and third tranches will be paid before the first and second anniversaries of the transaction, respectively.

“The sale of this real estate asset is part of Sonae Capital’s strategy of selling non-core assets, in order to finance new investment opportunities, boost the growth of its portfolio and maintain a capital structure appropriate to the business and type of asset held by the Group,” Sonae Capital said in a statement on Thursday, November 15, 2018, to the Securities and Exchange Commission (CMVM).

The sale of the “Efanor allotment” – the majority of the area is destined for residential construction, with a portion for services – comes after Sonae Capital’s announcement, in the first semester of 2018, an agreement to sell UNOP 3, in Tróia, for 20 million euros. The company had already announced agreements to sell UNOPs 7, 8 and 9 to the ROSP group, for 50 million euros in 2016.

Grandavenue72, headquartered in Foz do Douro, Porto, is a company that manages its own and third-party real estate assets, providing consulting and services.

Original Story: Idealista

Photo: Construir

Translation: Richard Turner