LONDON, 16 February, 2016 – Immochan and Alaska Permanent Fund Corporation (APFC), represented by CBRE Global Investors, have expanded their strategic joint venture partnership through the acquisition of the Alegro Setúbal shopping centre in Portugal.
The transaction is the latest in a strategic joint venture between the two parties, which sees APFC acquire a 50 percent stake in the centre from Immochan. In line with existing joint venture investments between the parties, Immochan will continue as property manager while asset management will be shared between Immochan and CBRE Global Investors.
Alegro Setúbal comprises 44,450 sqm of gross leasable area over three floors. The centre maintains an occupancy rate of 100 percent including shops from leading international fashion brands such as Mango, H&M, Zara, Bershka, Stradivarius, and Pull & Bear. The centre also has a strong leisure and entertainment component, food court and electronics offering from brands including Fnac, Sport Zone, Cinema City, Fitness Hut, Medical Clinic and a 16,560 sqm Jumbo hypermarket (which is not part of the transaction).
The centre was recognised as the best redevelopment project by MAPIC 2015 and is a candidate for a best redevelopment award from ICSC.
Alegro Setúbal is located on the main entrance to Setúbal, 40 km south of Lisbon, a city located in a strategic commercial corridor. Set between the country’s three major highways connecting Lisbon with the Algarve and southern Spain, the centre provides Portugal with the latest retail experience and destination shopping centre.
The first two transactions in the joint venture between APFC and Immochan – Zenia Boulevard in Alicante, Spain, and Alegro Alfragide in Lisbon – were completed in 2014. In total, the joint venture represents a portfolio of 165,250 sqm in the Iberian Peninsula, which received more than 29 million visitors during 2015.
Myles Sanger, Portfolio Manager, CBRE Global Investors, commented: “The acquisition of Alegro Setúbal underlines APFC’s confidence in the European real estate market and builds on the strategic partnership with Immochan. Our client is actively seeking further high-quality investments to provide long-term stable returns to grow and diversify their global real estate portfolio.”
Stephane Leverger, Director of Investments and Asset Management, Immochan, commented: “This latest deal is another important step in our strategy of evolving Immochan’s development through strong relationships with long-term partners. We are delighted to be working once again with APFC and CBRE Global Investors.”
Angela Rodell, CEO and Executive Director, Alaska Permanent Fund ,commented: “We are excited about the opportunity to team up with Immochan on another high-quality retail acquisition in Portugal. We look forward to expanding this strategic partnership as we work to build our portfolio across Europe.”
About CBRE Global Investors
CBRE Global Investors is a global real estate investment management firm with $89.0 billion in assets under management* as of December 31, 2015. The firm sponsors investment programs across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 70,000 employees in more than 400 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real estate-related assets with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice, and which generally consist of investments in real estate; equity in funds and joint ventures; securities portfolios; operating companies and real estate-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real estate market, and its calculation of AUM may differ from the calculations of other asset managers.
Past performance is not a guarantee of future performance.
Founded in 1976, Immochan is now one of Europe’s leading retail real estate and shopping centre companies. Immochan’s mission is to support brands and develop the best footfall in its retail and living sites. The company has based its expertise as a global operator on four major business areas: property development, marketing, operations and asset management. Immochan will invest 1.5 billion euros gross in the development and improvement of its park by 2018 with 10 sites of more than 50,000 m² of total surface area.
380 shopping centres, 10 of which are in Portugal // 15,000 merchant partners // 3,9 million m² managed excluding hypermarkets // 12 countries // + 900 employees // www.immochan.com // Twitter: @Immochan_Corp
About Alaska Permanent Fund
The Alaska Permanent Fund was created by referendum in 1976 to save a portion of the state’s oil revenue for the future. The Fund is currently worth about $50 billion. In 1980, the Alaska State Legislature created the Alaska Permanent Fund Corporation to manage the investments of the Permanent Fund outside of the State Treasury. The Fund is invested in a diverse portfolio of assets, including U.S. and non-U.S. fixed income securities, equities and real estate, as well as infrastructure, absolute return and private equity investments. A portion of the Permanent Fund earnings are distributed to eligible Alaskans, and these dividends have ranged from $331 in 1984 to $2,072 in 2005.