French asset manager Tikehau and Portuguese investor Albatross are poised to sign the acquisition of the so-called Zip residential portfolio in Portugal for over €300 mln, PropertyEU has learned.
According to well-informed market sources, Tikehau and Albatross are expected to sign a binding agreement to buy the 4,400 residential units over the next couple of weeks, with a closing expected for the second quarter of the year.
The assets are being sold by Norfin, a local real estate asset manager owned by Arrow Global Group, on behalf of a number of Portuguese lenders, which are the ultimate owners of the assets. They include Caixa Geral de Depósitos, Novo Banco, and Millennium BCP.
The assets are partly occupied and are mostly located in the cities of Porto, Lisbon and Setubal.
Agents CBRE and JLL are advising the vendor.
This is the second largest property portfolio currently on the market in the country. As reported by PropertyEU, Portuguese private equity firm ECS recently put a portfolio of roughly 20 Nau hotel properties in Portugal on the market for a price of over €1 bn.
The sales process, known as Project Crow, involves the disposal of two recovery funds which own the hotel properties spread across Portugal as well as some development land and other smaller commercial assets including a couple of shopping centres, for a total gross asset value of €1.4 bn.