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Sonae RP sells Continente Albufeira for 21.4 million

Sonae RP has sold the entirety of the capital of Imoconti, the holding of the hypermarket Continente Albufeira, located in the retail centre ‘Algarve Shopping’. This sales & leaseback transaction was closed on the 30th December, and is valued at 21.4 million euros.

Without revealing the buyer, Sonae RP has informed us that this deal represented “a capital gain of, approximately, 3.4 million euros” placing,  “Sonae’s holding of retail shares at 50%”.

The deal is in line with the strategy announced by Sonae, of the liquidation of its real estate assets, maintaining, at the same time, an adequate level of operational flexibility”, it is stated.

In the first nine months of 2016, Sonae RP attracted 230 million euros in sale & leaseback transactionsincluding the sale of the Douro portfolio (12 supermarkets) to M&G Real Estate in January, for 164 million euros; the sale of a portfolio of four supermarkets to Aberdeen in April for 40 million euros, and one more transaction for 36 million euros.

At the end of the third trimester of 2016, Sonae BP held a portfolio of real estate assets worth 909 million euros.