This portfolio was sold for 15.7 million euro, according to Cushman & Wakefield, which represented Avenue in the deal. The portfolio has a total combined area of 1.700 sqm and is located at Aliados 107, a development by Avenue, which was the result of the rehabilitation of newspaper Comércio do Porto’s former headquarters. Three of the shops are occupied by Boutique dos Relógios Plus, Tod’s and Burberry.
Sergi Mirapeix, Tander’s CEO, remarks that «this investment in Porto reinforces our strategy of geographic diversification into cities where there is a strong and highly consolidated retail segment. The magnificence of Avenida dos Aliados, the architecture of its buildings and the prestige of the three occupants fit perfectly with the remaining high street assets within our portfolio».
Aniceto Viegas, Avenue’s CEO, commented that «we are very happy with this sale and with the fact that Tander chose an Avenue project for its first investment in Portugal. This sale allows us to close the Aliados 107 development cycle and reinforces our confidence in the Porto market», he concluded.
David Lopes, partner and consultant at CW’s investment department, highlighted that «this transaction confirms the core investors’ appetite for the high street retail segment and Porto’s growing claim as an alternative destination to Lisbon. As a result of the conversion of several of its iconic buildings, Avenida dos Aliados shows a unique potential to become Porto’s luxury destination, like Avenida da Liberdade in Lisbon».