Nhood and RPE/JLL, on behalf of Ceetrus, announce the sale of the Alegro Montijo to Lighthouse Capital
Nhood advised Ceetrus in collaboration with RPE & JLL on the sale of the Alegro Montijo shopping centre in Portugal. The transaction volume was just under €180M.
The Nhood Capital Markets team was led by Federico VALENTINI (Global Head of Capital Markets) and Rui VACAS (Head of Capital Markets Iberia).
Located in Montijo (South Lisbon), Alegro Montijo benefits from excellent infrastructure and a catchment area of 270,000 people within 20 minutes.
With a gross leasable area of more than 62,000 sqm, Alegro Montijo attracted 7.4 million visitors in 2023.
Nhood will continue to manage the centre for Lighthouse Capital.
“This is another transaction successfully managed by Nhoods’ Capital Markets team alongside RPE and JLL. This transaction re-confirms the demand of investors for attractive retail assets in Portugal and is further proof of our ability to manage M&A transactions” said Federico Valentini, Global Head of Capital Markets at Nhood.
This disposal follows our mature assets divestment plan that has proven its relevance. This program is in line with Ceetrus’ new asset strategy, aimed at strengthening the transformation of our sites and reallocating our investments to high added-value projects, across Europe and including Portugal” claims Benjamin Top, Portfolio director at Ceetrus.
“We are meeting our sales target across Europe, demonstrating the performance and resilience of our sites that investors are looking for. We are confident in the quality of our assets and remain open to new partnerships with owners who want to contribute to improve territories with us. We have already disposed of several assets this year and we will be accelerating over the next few years, as I announced last March”, says Étienne Dupuy, CEO of Ceetrus.
“This transaction demonstrates the strength of investor demand for well-performing Portuguese shopping centres. Overall, RPE expect a total investment volume of over €1BN of retail transactions in Portugal in 2024, >70% higher than the €580M in 2023 and the 3-year average of under €300M per annum since 2020.
The strong asset level performance of the market, with sales far exceeding 2019 levels, more active financing from banks, alongside a maturing market and attractive economic context, is resulting in a renewed and dynamic retail investment sector with international investors the driving force behind many of the ongoing transactions. Whatever the final end year volumes, what is clear is that the retail market in Portugal is back in fashion.” comments Bill Judge of RPE Capital Markets.
