The acquisition will be added to the portfolio of institutional open-ended real estate fund UniInstitutional European Real Estate, Union Investment said in a statement.
Roman Müller, senior investment manager at Union Investment, said, "With the acquisition of Continente Colombo, we’ve succeeded in combining the two major focuses of our retail investment strategy, which constitutes of grocery-anchored retail on the one hand and on best-in-class shopping centres on the other hand. We will further continue to selectively expand our portfolio in both areas."
The hypermarket features an extensive foyer with various services, retail and restaurant units and covers a total area of 23,445 square metres.
The acquired property is part of the Colombo shopping centre, which opened in 1997 and is one of Portugal’s most frequented shopping centres with over 300 tenants.
Laura Roll, investment manager at Union Investment, added, "With the acquisition of Continente Colombo, we are taking advantage of a great opportunity to further diversify our real estate portfolio in Iberia and enter the retail real estate segment in Portugal for the first time.”
Union Investment was advised by Linklaters, Cushman & Wakefield and Sonae Sierra, who will also manage the property on behalf of Union Investment.
Jamestown Europe GmbH managed the disposition on behalf of a separate account of a Luxembourg pension fund and was advised by Garrigues and Arcadis, the company noted.