Press Release
Deka Immobilien sells shopping centre in Portugal
Frankfurt, 25.10.2024
Deka Immobilien has sold a shopping centre in Portugal from an open-ended real estate institutional fund. The buyer is the Fundo Iberia Shoppings property fund which was recently set up by the Brazilian bank BTG Pactual and Renato Rique (Chairman of Allos S/A). The parties have agreed not to disclose the sale price.
The almost fully let shopping centre has a lettable area of around 12,000 sqm, 460 parking spaces in the underground car park and 366 outdoor parking spaces. It was built in 2005 and extensively revitalised in 2019. The property is located in Torres Novas in a highly visible location on the A23 motorway between Leiria and Santarém in central Portugal, around 75 minutes' drive from Lisbon.
With this transaction, the fund is taking advantage of the increased demand for consolidated shopping centres on the Iberian Peninsula and is disposing of the property in line with its strategy after a holding period of over 17 years.
About Deka
DekaBank is the securities services provider of the German Savings Banks Finance Group (Sparkassen-Finanzgruppe). Together with its subsidiaries it forms Deka Group. With total customer assets of more than EUR 402 billion (as at 30/06/2024) and 5.6 million securities accounts, DekaBank is one of the largest securities services providers and real estate asset managers in Germany. It provides private and institutional investors with access to a wide range of investment products and services. DekaBank is firmly anchored in the Sparkassen-Finanzgruppe (Savings Banks Finance Group) and tailors its product portfolio to the requirements of its owners and sales partners in the securities business.
The Deka Group's global real estate expertise is pooled in its Real Estate Division. The management companies, Deka Immobilien Investment GmbH and WestInvest Gesellschaft für Investmentfonds mbH provide management and support for around EUR 50 billion (as at 31/12/2023) in real estate assets.
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