Focus Park, Gaia, Portugal
Focus Park is an 8,000m2 neighbourhood hypermarket-anchored retail park in Gaia, within the Porto district of Portugal. It was originally acquired by an international investor supported by an international bank.
How we saw the opportunity
In December 2015, Temprano acquired the asset at an approximate 80 percent discount to its pre-crisis value. At the time of purchase, over 70 percent of rental income was secured on a 14-year unexpired lease term to Jumbo (Auchan).
How we added value
Since acquisition, we have:
- re-geared leases
- completed the lease-up strategy
- secured outline planning permission to increase GLA from 8,000m2 to 11,500m2
- undertaken a CapEx programme and secured debt financing
As a result, we have increased occupancy to 100 percent and increased NOI by 39 percent.