INVESTMENT HIGHLIGHTS
- The first asset opened in Sep 17 is located in Rio Tinto, Porto growth area with high urban density. Rio Tinto is a strong catchment area driven by its strategic location in the link between one of the most populous area surrounding Porto and the city centre. The property is split across 4 floors and occupies a total area of 5,327 sqm. Current rent is FRI of €384k per annum, with a lease term of 12 + 8 years with non break clause. The tenant issued a €3.85M bank guarantee valid for 12 years on the tenancy.
- The second asset opened in Aug 17 is located in Constitucao, one of the busiest avenues of Porto. It is located minutes away from Porto downtown with very good accessibilities and integrated in a consolidated urban area. The property is split across 2 floors and occupies a total area of 2,767 sqm. Current rent is also a FRI of €384k per annum, with a lease term of 10 + 10 years with non break clause. The tenant issued a €2.62M bank guarantee valid for 20 years on the tenancy.
- The Portuguese Health Club market has experienced a significant growth in the past 10 years. With currently 7.1% penetration rate, it's still low compared to the average in Europe of 12%. In average numbers, each Health Club has 537 members and pays €36.5 monthly rate. The operator enjoys average memberships of 3,000 members per club.
- The tenant is among the top 3 health club operators nationally and was founded in 1995. Currently has 18 health clubs. and in 2016 revenues surpassed €18m. The operator is part of a public group trading in the Portuguese stock market with presence in over 65 countries.
- The current owner is the developer of the properties that is looking to exit the assets after reaching stabilisation. Asking price is c.€11M or equivalent of 7% cap rate.
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