Sierra Postal Service Authority plans to oversee 400 properties.

The Portuguese postal service CTT plans to turn the newly created CTT IMO Yield (CIY), a wholly owned postal operator, into an alternative real estate investment organism and transfer its management to a company from the Sonae Sierra group, according to a notice sent to the Competition Antitrust Authority (AdC) and published on Wednesday.

The transaction, which has now been notified to the regulator, implements the agreement announced in early May on the partnership between CTT and Sonae Sierra to create an innovative, strategic and long-term investment instrument dedicated to the management of the postal group's real estate.

At the time, in a statement sent to the Securities and Exchange Commission (CMVM), CTT clarified that''The share purchase agreement with Sierra provides that the latter will receive a 3.6% stake in the real estate for 5 million euros, while "additional investors, both institutional and family offices, will acquire a stake of 26.5%, representing an investment worth 37 million euros".

The deal involves the transfer of 398 assets, totaling 240,000 square meters, to a new instrument called CTT IMO Yield, "with a transaction valuation of 139 million euros," CTT said in a statement sent to CMVM.

"The portfolio includes real estate of various types such as retail, logistics, offices and others, located in primary and secondary locations in Portugal, with more than 50% of its value concentrated in the districts of Lisbon and Porto.