M7 Real Estate divests retail park in Portugal

M7 Real Estate divests retail park in Portugal

M7 Real Estate has agreed to sell IN Guarda Retail Park in Portugal to CA Património Crescente Fund, managed by real estate fund manager Square Asset Management.

M7 purchased IN Guarda Retail on behalf of its M7 Portuguese Active Fund (M7 PORAF) in 2019, an asset comprising c. 12,000 sq m of retail warehouse space, occupied by a strong and diverse mix of tenants, including Leroy Merlin, Decathlon, JYSK, Centroxogo, and Petroprix.

Since acquiring the asset, M7 has implemented an active asset management strategy, expanding two units and adding a total of 815 sq m of space. M7 also oversaw the division of a c. 2,370 sq m unit into two in order to attract a wider range of occupiers. This strategy resulted in an increase of the occupancy from 90% to 100%, and 30% growth in the asset’s rental income.

Leonardo Peres, Managing Director, Portugal, commented: “We are pleased to announce the successful sale of IN Guarda Retail Park. Through our active asset management strategy, we achieved full occupancy, increasing it from 90% to 100% and also attracted high quality tenants. This sale highlights our expertise in the Portuguese real estate market and our ability to create value for our investors.”

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