CB Richard Ellis Advises Pref on Acquisition of Lima Retail Park for €18.5M
Lisbon, Portugal, 7 December 2007 – CB Richard Ellis has concluded negotiations on behalf of Pillar Retail Europark Fund (PREF) – a fund managed by British Land European Fund Management LLP – for the acquisition of the total capital of Lima Retail Park from Sonae Sierra and Miller Developments, worth €18.5 million.
Lima Retail Park, located in Viana do Castelo, Portugal, represented an investment of €13 million through a 50-50 partnership between Sonae Sierra and Miller Developments. This new development comprises 13 retail units, the two anchor stores being let to Maxmat and Moviflor. Lima Retail Park also includes brands such as Mundo dos Fatos, Fábio Lucci, Loucura Center, Colchões & Cª, CentroXogo, Casa and Rox, and features the Terra & Mar restaurant and a free parking lot for 400 cars.
Built on a 27.664 sq m site, with a Gross Lettable Area (GLA) of 10.764 sq m, Lima Retail Park will continue to be managed by Sonae Sierra.
Lima Retail Park was the fourth project developed in Portugal by the joint-venture between Sonae Sierra and Miller Developments, which was established in April 1998 for the development of this format in the Iberian Peninsula.
The retail park format consists of several integrated retail stores varying in size between 150 sq m and up to 5,000 sq m. The main benefits of this format are the fact that it offers tenants a larger showroom and significantly lower costs when compared to a shopping centre, whilst satisfying the consumers’ expectations both in terms of dimensions and offer variety, in areas of activity defined by strict criter