Algarve news and information portal - AlgarveMais

Imo Pan Iberian Retail, the property investment fund managed by Imorendimento, completed the acquisition of a site located in Guia, Albufeira, in the Algarve Region, in order to develop a new shopping center, the Algarve Gran Plaza. The site was sold by local company Urbanipera. The fund plans to invest €88 million in the development of this new retail project, an amount that also includes the site's acquisition. The project already has a commercial licence and is scheduled to be open in May 2010.

Located in Guia - in the Algarve, Portugual’s most renowed touristic destination -, the shopping center will be developed in a very important retail location, where other developers and retailers have opened shopping centers, retail parks and stand alones in the last few years. Algarve Gran Plaza will total a gross lettable area (GLA) of 55.000 m², including approximately 84 stores, and featuring a car parking with 2.095 public spaces.

The project will be developed by Imo Pan Iberian Retail, a property investment fund managed by Imorendimento Active Services and advised by Imorendimento SGFII, both part of Imorendimento's group of companies. Imorendimento will also be responsible for asset management, which will cover all the phases since acquisition, including project management (jointly with Urban Value), marketing and shopping management.

At the moment, it is being developed the architectural project, by Urban Value and F&A Architects. Imorendimento expects to be launching the contest that defines the construction company very soon.

The marketing of Algarve Gran Plaza hasn't began yet, but Imorendimento has already been contacted by several first line international retails, which expressed their interest in opening a unit in the new shopping.

 

source: http://www.europe-re.com