Alfana Investment Management has acquired Forum Algarve, a shopping centre in Faro, from Commerz Real, for close to €130 million, according to Expansión. The transaction is due to be signed today in Lisbon and marks the Spanish investment manager’s first acquisition outside Spain.
The acquisition is aligned with Alfana’s strategy of investing in established, high-footfall locations. Faro was selected for its growing population, strong visitor numbers and significant tourism activity.
Built in 2001, Forum Algarve comprises 27,400 sqm of total space, 115 shops and more than 2,200 parking spaces. According to the centre’s 2025 figures, tenant sales exceeded €120 million, while footfall surpassed 7.8 million visitors, supported by strong tourist demand.
The shopping centre is close to fully occupied and has a broad tenant mix, including all Inditex brands, as well as Mango, Tendam, Fnac and Primor. Its food and beverage offer includes McDonald’s and Starbucks, among other operators.
The transaction was led by Pablo Gómez-Almansa, Gonzalo Senra and Javier Abarca and was financed through an investment involving Banco Santander’s private wealth clients. Garrigues acted as legal adviser to the buyer, while KPMG provided financial advice. RPE acted as commercial adviser, with CBRE and GMD Consultoría providing technical advice. The seller was advised by Ambas Real Estate.
Alfana’s retail portfolio reaches €1B
Forum Algarve will be added to Alfana’s Rivoli Retail portfolio, consolidating the investment manager’s position as one of the leading players in the Iberian retail sector.
The acquisition brings Alfana’s retail assets under management to approximately €1 billion, according to market sources cited by Expansión.
The deal follows the recent consolidation of 100% ownership of Xanadú shopping centre in Arroyomolinos, Madrid, completed in July. Alfana’s retail portfolio also includes Moraleja Green in Madrid, acquired in July 2024; Ballonti in Bilbao, acquired in June 2025; and AireSur in Seville, acquired in March this year. The manager also owns a retail unit at Alcalá 6 in Madrid, acquired in March.
With its first international transaction, Alfana is expanding its retail investment strategy beyond Spain and strengthening its presence in the Iberian shopping centre market.
