Frey, a French company specializing in the development and management of outdoor shopping centres, concluded the acquisition of the Algarve Shopping and Albufeira Retail Park shopping centres, in an operation worth approximately 180 million euros.
The two assets, Frey's first in Portugal, were part of the Iberia Coop fund, a partnership of the companies CBRE Global Investment Partners and Sonae Sierra.
The shopping centers that become part of Frey's asset portfolio are located in the city of Albufeira, in the Algarve, and are the first for the French company in our country.
They have an area of around 60 square meters and are recognized for their open-air stores. With a privileged location and the presence of renowned stores, these centers receive the annual visit of more than 7,5 million visitors.
Among the brands present in the Centers, prominent national and international brands stand out, including all the brands of the Inditex group (such as Zara, Pull & Bear and Berksha), Fnac, C&A, H&M, JD Sport, Rádio Popular and Worten, a hypermarket, around twenty restaurants, a cinema and support for three thousand parking spaces.
For Antoine FREY, President and CEO of Frey, “This acquisition marks our entry into Portugal, in the Algarve, a region that benefits from demographic and economic dynamism. This open-air shopping center in Albufeira is a high quality asset that combines a high, recurrent income and a significant potential for value creation through its renovation and expansion.”
The transaction was financed by Frey's own funds. The management and promotion activity of these spaces will remain with Sonae Sierra.
Abreu Advogados advised Frey, in a team led by the firm's partners, Patrícia Viana and António Pina. Garrigues, in turn, advised Sonae Sierra, in a team led by partner Jorge Salvador Gonçalves and principal associate, Miguel Menezes da Silva.
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