Private real estate investment firm LCN Capital Partners (LCN), headquartered in New York City, has agreed to acquire 49 retail real estate assets in Portugal.
The company acquired the retail portfolio from Trei Real Estate GmbH, an international developer and asset manager based in Düsseldorf, Germany.
The transaction closed on January 31, 2023.
The acquired retail property portfolio includes a total lettable area of around 70,000 square metres. Of the 49 total properties acquired, 44 properties are let to Pingo Doce, the second-largest supermarket chain in Portugal. The other retail properties are occupied by the supermarket chains Continente and Minipreço.
In addition to the storefronts just bought in Portugal, LCN has acquired a series of high quality, mission critical, top-performing, and sizeable supermarket portfolios including Mercadona in Spain, Fortenova in Croatia, Continente Sonae in Portugal, and Auchan in Poland.
LCN has deployed over €700 million into grocery/food retail investments across Europe.
Edward LaPuma, Co-Founder and Managing Partner of LCN Capital Partners, commented: “We have been growing our sale-leaseback and build-to-suit portfolio across Europe over the last decade. We believe this portfolio is a great addition to our latest European Fund and highlights our ability to partner with our tenant-clients, like Pingo Doce, to help them grow and meet their goals. After closing on this investment, LCN will be one of Europe’s largest private grocery store owners. I want to thank the team and the respective advisors who were able to close this transaction. Moreover, we want to welcome Pingo Doce as one of our important tenant-clients and look forward to working with them.”
“Over the past several years, we have fostered the expansion of our portfolio and partnered with major grocery operators to support them with our long-term oriented capital and acquired their critical assets in tailormade sale-leaseback transactions,” said Paolo Rosso, Partner at LCN Capital Partners.
Carlos Vieira Neto, Vice President at LCN Capital Partners added: “We are very pleased to have completed this acquisition after an exceptionally competitive process in changing market conditions. We have proved once again that our local knowledge together with our execution capabilities make us a reliable partner for vendors and tenants alike.”
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