Imorendimento completes acquisition of retail project in Évora (PT)

Portuguese real estate investor and asset manager Imorendimento announced that it has concluded the purchase of a retail scheme located in Évora to Portuguese company Guedol. The total investment in the project is of about €55 million. Imorendimento structured the operation, which is a joint investment of Resolution, Madford Developments and SII, the latter a company part of Imorendimento, which will also be co-responsible for the project's asset management.

The retail scheme in Évora.

Currently being developed, the project, which isn't named at the moment, is located in the south of Evora's city centre and it will have a 24.800 m² gross lettable area (GLA), combining three retail formats in the same site. The program includes a stand alone with 2.800 m² GLA for an IZI unit, a retail park with 6.000 m² GLA and a shopping center. Being the largest area of the scheme with 16.000 m² GLA, the shopping will feature 60 stores, offering also an hypermarket, a food court and a leisure area.

The project is schedule to completion in late 2009 and it will bring the first shopping center to Évora city, creating a new centrality and some 600 direct jobs.

Évora is the most important city of the Alentejo region, in southern Portugal. Nearby A6 highway, Évora is in the midle, between Lisbon (140 km distance) and Spain (110 km distance to Badajoz). Classified by UNESCO as world heritage site, Évora is the finest Portuguese example of conciliation between historical identity, and development and modernity.

Source: Comunicar-Se

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