TCN acquires Retail Park Aveiro in Lisbon (PT)

TCN Property Projects’ division in Portugal has signed the purchase contract of Retail Park Aveiro in Lisbon. The Retail Park, which is developed by Capitalinvest, consists of 24,000 m² of retail space and is fully let. Anchor tenants are Toys R Us, Decathlon, Staples Office Center and the French DIY shop Aki. Bouwfonds Property Finance is the financer of the project.

In 2004, TCN’s establishment in Portugal entered into a strategic partnership with Capitalinvest for the development of a number of Retail Parks in Portugal. Within this partnership, TCN will be responsible for the management and marketing & sales of new projects.

The acquisition of Retail Park Aveiro is the first project in TCN’s expansion strategy. In the next four years, the partners intend to develop seven centers, amongst other places in Viseu, Evora, Portalegre, Oeiras and Porto.

The next development project will be Retail Park Portimão in the Algarve region. It is expected that the construction of the Retail Park will start within a couple of months. Bouwfonds Property Finance will also be the financial partner in this project.

Source: TCN Property Projects

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