Last week, the mayor of Portimão opened officially the 25,000 m²-sized Portimão Retail Park. The project was developed by Retail Parks Portugal S.A., a project partnership between TCN Property Projects Portugal an Capitalinvest. This same partnership bought Aveiro Retail Park in 2005. Both projects have been financed by Bouwfonds Property Finance.
Together with the opening was announced that both projects were recently sold to the British Doric Fund. The immediate sale after completion was pre-agreed between TCN and Capitalinvest. TCN and Doric are discussing a role of TCN as property manager.
The Retail Park in Portimão, Algarve's second city, is situated along the highway EN 125. Two new direc accesses from the EN 125 to the parking lot for 1,000 cars were created to ensure the best accessibility. The anchor tenants in the 19 retail units are Carrefour, Aki, Decathlon, Radio Popular and Staples.
Over the last decade a significant number of large and medium sized shopping centers were developed in Portugal, mainly in the Porto and Lisbon region. TCN and Capitalinvest choose four years ago to focus on the development of out of town Retail Parks in medium sized cities. Aveiro and Portimão are examples of this.
Both companies have separately similar new retail projects in the pipeline and will announce this in the next two or three months.
Source: TCN Property Projects