AM Alpha, the Munich based real estate family office, has acquired a retail park in Greater Lisbon in partnership with German fund Nordrheinische Aerzteversorgung.
Financial details were not disclosed.
The retail park BPlanet is a reinforced concrete construction built by a French construction company in 2010, comprising 35,369 m2 lettable area and 1,710 parking spaces. The BREEAM certified building is 98% let to 73 tenants, with anchors including AKI, Decathlon and Jumbo. It is situated within walking distance of the Coina train station.
The deal is AM Alpha's second acquisition in Portugal. The firm said it corresponded with its strategy to buy properties with core to value-add risk-return profile in strong European economies.
'The second acquisition in Portugal underlines our macroeconomic investment approach and the resulting decision to enter the Portuguese market at an early stage,' said Martin Lemke, managing director at AM Alpha.
'As we are fully convinced of the quality of the Iberian metropolises, these cities will remain in our investment focus and we will continue to analyze them with regards to value-oriented investment opportunities across all asset classes,' Lemke added.
In summer 2018, AM Alpha purchased the Edificio Mapfre in the centre of Lisbon, which is currently undergoing a renovation and re-letting process.
Besides Europe, AM alpha is focusing on value-oriented transactions in the Asia-Pacific Region.
AM Alpha was advised by EY, RPE and RRP Advogados.