Company is selling 44 Pingo Doce stores, one Continente, one Mini Preço and other assets located mainly in Porto, Lisbon and the Algarve.
German company Trei, which belongs to the Tengelmann Group, has what is the “largest supermarket portfolio in Portugal”, valued at around €150 million. The portfolio includes 44 Pingo Doce stores, one Continente, one Mini Preço, one restaurant and a parcel of land, located mainly in Porto, Lisbon and the Algarve. All together, these assets represent over €8 million in annual rents. The deal is expected to close in August.
It is called “Project Amália” and is being marketed since April by the consulting firm CBRE. According to the teaser to which ECO had access, it is being presented to investors as an “opportunity to acquire the best performing supermarket portfolio” in the country. This portfolio, the teaser reads, also offers “exceptional profitability,” with an average lease term of 16 years.
There are 50 assets, in a total area of 68,196 square metres. Of the total properties, 44 (10%) are Pingo Doce stores, with an average of 1,400 square metres each, and combined they account for €8.1 million in rent, or 97% of the total. There are 11 Pingo Doce stores in the Metropolitan Area of Lisbon, nine in Porto, seven in Faro and 17 in other locations.
The portfolio also includes a Continente in Setúbal, with 1,200 square metres and an annual rent of €81,000, and a Mini Preço in Braga, with 1,000 square metres and an annual rent of €68,000. The new owner will also keep a 9,700 square metre site in Porto and a 1,300 square metre store in Aveiro.
There is also an asset called “standalone” in Setúbal, which is currently vacant.