Frey snaps up Algarve Shopping and Albufeira Retail Park for €180 million
A French development company has purchased two prime retail outlets in the Algarve for €180 million.
Frey, which focuses on outdoor shopping centre development and management, has bought Algarve Shopping and Albufeira Retail Park this week.
The acquisition represents the first retail property purchases by the company in Portugal.
The two retail centres, with a combined area of 60,000 m2, had been owned by the Iberia Coop, a partnership between CBRE Global Investment Partners and Sonae Sierra.
The shopping centres, which have a footfall of 7.5 million annually, are located in Guia and Albufeira.
They boast open-air shops with top brands including Inditex brands such as Zara, Pull & Bear and Bershka, and Fnac, C&A, H&M, JD Sport, Radio Popular, and Worten.
Antoine Frey, President and CEO of Frey said, “This acquisition marks our entry into Portugal, specifically the Algarve, a region that benefits from great demographic and economic dynamism. The open-air shopping centre in Albufeira is a high quality asset that combines a high yield, recurring and significant potential for growth through its rennovation and expansion.”
The purchase was funded by Frey while Sonae Sierra will continue to manage the centres and promote their activities.