Frey, a French company which specializes in the development and management of outdoor shopping centres, concluded the acquisition of the Algarve Shopping mall and the Albufeira Retail Park yesterday. The total cost of the acquisition was approximately 180 million euros.
The two retail centres, Frey’s first two locations in Portugal, were formerly part of the Iberia Coop, a partnership of CBRE Global Investment Partners and Sonae Sierra.
The new additions to Frey's portfolio of assets are located in the cities of Guia, and Albufeira. They have a combined area of around 60,000 square meters and are recognized for their open-air shops. Both have a privileged location, and the presence of renowned stores, these centres receive more than 7.5 million visitors annually.
Among the brands present at the centres, there are many national and international brands, including Inditex group brands such as Zara, Pull & Bear and Berksha, and Fnac, C&A, H&M, JD Sport, Radio Popular, and Worten. Furthermore, they house a hypermarket, around twenty restaurants, a movie theatre and three thousand parking spaces.
Antoine Frey, President and CEO of Frey commented that “This acquisition marks our entry into Portugal, specifically the Algarve, a region that benefits from great demographic and economic dynamism. The open-air shopping centre in Albufeira is a high quality asset that combines a high yield, recurring and significant potential for growth through its renovation and expansion.”
The transaction was funded by Frey's own funds, and Sonae Sierra will remain responsible for the management and promotional activity of these spaces.
