Milligan, the innovative retail developer, announces that it has signed a joint venture agreement with Eiffage, the 8th largest European construction company who already have a presence in Portugal, for the financing and construction of Portugal's first Retail Planet in Barreiro, Greater Lisbon.
Barreiro Retail Planet will have a GLA of 35,000 m².
Barreiro Retail Planet, created by Milligan, is an innovative retail concept combining the formats of both a retail park and a shopping center. It will consist of over 40 speciality stores and restaurants, 13 retail park outlets and 1,750 car park spaces totaling a gross lettable area of 35,000 m².
The scheme is already 70% let, with the four large anchor stores comprising a 11,000-m² hypermarket, a Decathlon store occupying 4,000 m², DIY brand, Aki, with 3,578 m² and the Portuguese consumer electronics brand, Radio Popular with 2,200 m².
Barreiro Retail Planet is in a highly accessible and prominent location, 30 km south of Lisbon and benefits from a strong catchment. 700,000 people live within a 30-minutes drive of the scheme. The site is along the A2 accessible trough N10 and located next to Fertagus, Coina train station and will have access to an even wider catchment once the work that has started on the new IC32 ring road, South of Lisbon, has been completed, scheduled for completion in 2011.
The project has been issued with its business license and construction is due to commence summer 2009 with the aim of launching in Autumn 2010.
Eiffage and Milligan will now jointly develop the scheme through to its launch. Eiffage will be responsible for global management, including building construction, and Milligan will be in charge of Leasing and Marketing.
Carlos Humberto, Mayor of Barreiro, says, "Barreiro Retail Planet is an important addition to the future development of the region, signifying increased economic activity and employment growth generating up to 1,300 new jobs in the area."
Consumer research, commissioned by Milligan, showed a very positive response to the scheme and its tenant mix, with respondents appreciating that they will no longer have to drive to different places in order to find these stores.
Fraser Denton, Director General, Milligan Spain, says, "We have been working very hard on setting new standards for retail parks and in getting the offer just right for our future customers. We are delighted with the response and success to date. Barreiro Retail Planet is a great opportunity for Milligan to partner with Eiffage to create a great scheme for the peninsular of Setubal."
Jorge Rodrigues, Development Director of Eiffage Immobilier Portugal, says, "Barreiro Retail Planet's concept and offer perfectly matches what today's customer is looking for; the best products and brands at the best prices within a quality environment."