IMO PAN IBERIAN RETAIL, a property fund managed by the Portuguese investment and asset management company Imorendimento, has announced an investment of 100 million in Summerville Shopping Parque, a new retail project located in Algarve, the most important tourism destination in Portugal.
Designed for residents and for the estimated 6.5 million tourists who annually visit the Algarve, the Summerville Shopping Parque totals 60,000 m², including a modern shopping center with 43,800 m² GLA , an office area, a business budget hotel and healthcare infrastructure.
The project, which stands out for its a bold architectural and conceptual design, combines four buildings in a wide outdoor area, allowing to recreate an high street shopping experience, but also offering all the facilities of a modern shopping center, including retail and leisure activities. The scheme will have 2,200 parking spaces.
Summerville Shopping Park is located in Guia, Albufeira, namely in the 'power center' region, which integrates the most important retail supply of the Algarve, including a Sonae Sierra shopping center, a retail park developed by Bouygues, and several retail stand alones. In 2009, this 'power center' was visited by more than 10 million people.
Source: Rita Ribeiro