This portfolio was in the hands of the North American private equity company LCN Capital Partners and is now held by the Canadian investment manager Slate Asset Management, according to a report by idealista.

This is Slate Asset Management's first investment in Portugal, the company reveals in a statement, adding that spaces/stores with long-term lease contracts that support stable and attractive income streams are at stake.

“These are high-quality, strong-performing stores, well located in large urban and geographically diverse areas in Portugal, mainly concentrated in the Metropolitan Area of ​​Lisbon, Porto and Faro. All have convenient transport links and a range of electric vehicle charging facilities,” the note says.

According to Brady Welch, co-founding partner of Slate Asset Management, the acquisition “marks a new and exciting chapter of growth” for the company at a European level. “We have spent more than a decade acquiring, managing and operating food retail properties in markets across Europe, with a strong team (…) that works collaboratively with tenants to maximise property value. We look forward to bringing our experience to Portugal and unlocking new growth opportunities in this market on behalf of our investors”, he adds.

On the side of LCN Capital Partners, Edward V. LaPuma, co-founder and managing partner, recalls that this portfolio represented the company's first acquisition in the national market, being “one of the first international investors to execute a 'sale-leaseback' transaction in much of it stops in Portugal and the Iberian Peninsula”.

“LCN has formed a fruitful partnership with SonaeMC, owner of Continente, a trusted and reliable partner. The added value led LCN and SonaeMC to work together on multiple transactions and strengthen Sonae’s position in the food market in Portugal”, he comments.