Abreu Advogados advised in the sale of Algarve Shopping and Albufeira Retail Park
Frey, a French company specialised in developing and managing open-air shopping centres, has concluded the purchase of the Algarve Shopping and Albufeira Retail Park shopping centres, in a transaction of approximately EUR 180 million. The two assets, Frey’s first in Portugal, were previously part of the Iberia Coop fund, a partnership between CBRE Global Investment Partners and Sonae Sierra.
Abreu Advogados advised Frey, with a team led by Patrícia Viana and António Pina, partners at the firm. Garrigues advised Sonae Sierra, with a team led by partner Jorge Salvador Gonçalves and principal associate Miguel Menezes da Silva.
The shopping centres that are now part of Frey’s assets portfolio are located in the city of Albufeira, in the Algarve. They cover an area of around 60,000 m2 and are known for their open-air layout. The centres, housing a number of well-known stores, enjoy a privileged location and receive over 7.5 million visitors a year. The brands represented include top national and international names, such as all the Inditex group brands (Zara, Pull & Bear and Berksha, among others), Fnac, C&A, H&M, JD Sport, Rádio Popular and Worten. There is also a hypermarket, around 20 restaurants, a cinema and 3000 parking places.
According to Antoine Frey, Frey’s Chairman and CEO, “This acquisition marks our entry in Portugal, in the Algarve, a region that benefits from demographic and economic dynamism. This open-air shopping centre, in Albufeira, is a high quality asset that combines recurring high yields and significant potential for value creation through renewal and expansion.”
The transaction was financed by Frey’s own funds. Sonae Sierra will continue to manage and promote both spaces.