Commerz Real sells Lisbon retail park to Square AM

German investor Commerz Real has sold the retail shopping centre Montijo Retail Park near the Portuguese capital Lisbon to CA Património Crescente, an open-ended real estate fund managed by the Portuguese investor Square Asset Management.

The property has been in the portfolio of Commerz Reals’ open-ended real estate fund hausInvest since its completion in 2009. It was bought at the time for around €30 mln.

Financial details were not disclosed.

Located in the town of Montijo, Montijo Retail Park provides 17,700 m2 of retail space as well as 803 car parking spaces. The main tenants in the fully-leased building are the home furnishings retailer Conforama, the DIY and gardening products retailer Leroy Merlin, the British sports good retailer Sports Direct, and the Portuguese furniture retailer Espaco Casa.

Cushman & Wakefield advised Commerz Real on the transaction.

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