French group takes over Algarve Shopping and Albufeira Retail Park in €180 million deal
French group Frey has completed a €180 million deal to take over the Algarve Shopping and Albufeira Retail Park shopping centres in Guia, Albufeira.
It is the first time that the group, described as a “specialist in the development and management of outdoor shopping centres,” invests in Portugal.
“This acquisition marks our entry in Portugal in the Algarve, a region that benefits from a demographic and economic dynamism,” said Antoine Frey, president and CEO of the group.
He added that the shopping centres are a “high-quality asset” with a “significant potential to create value through their renovation and expansion”.
The two shopping complexes were previously owned by the Iberia Coop fund, a partnerhsip between CBRE Global Investment Partners and Sonae Sierra.
While the ownership of Algarve Shopping and Albufeira Retail Park is now in the hands of the group, they will continue being managed and promoted by Sonae Sierra.
Located on the EN125 road near the small town of Guia in Albufeira, Algarve Shopping and Albufeira Retail Park are two of the Algarve’s main shopping malls and welcome over 7.5 million people every year.
With an area of around 60,000sqm, they are home to several well-known brands and stores including Zara, Pull & Bear, Bershka, Fnac, C&A, H&M, JD Sport, Rádio Popular and Worten as well as a supermarket, around 20 restaurants, a movie theatre and car parks with enough space for 3,000 vehicles.