The Belgian company Mitiska REIM has laid the foundation stone for the Nova Vila Retail Park in Portimão, next to the N125 motorway. Set in a plot of around 10 hectares, the project will add approximately 23,000 sqm of gross lettable area and 832 free car parking spaces to the market. The investment exceeds 20 million euros.
The Belgian fund manager awarded DST, from Braga, the contract to rebuild the retail park, which was completely destroyed by fire in 2012 and has remained vacant ever since.
The work, five years after Mistiska acquired the land, will last approximately one year and is expected to be completed in the first half of 2025.
Nova Vila Retail Park will have 17 shops, including two anchor shops: a supermarket and a building materials and DIY shop. In addition, there will be an area dedicated to restaurants, a standalone and a petrol station.
"This development project is yet another example and reflection of Mitiska REIM's strategy in Portugal. Nova Vila Retail Park will revitalise this area of Portimão and create a sustainable shopping destination that will attract consumers and create new jobs. The project has been studied for several years and we have no doubt that it will be one of the best retail parks in the country", emphasised Enzo Guidez, Mitiska Reim's country manager.
"Nova Vila Retail Park is 100 per cent occupied and we continue to see high demand. The quality of the project, the location, the catchment area and the tenant mix we've managed to put together mean that Nova Vila Retail Park will effectively become a benchmark in the market, not least because of Mitiska REIM's vast experience as a specialist in this sector and its contribution to the final result. The demand has been not only for national but also international brands and we can assure you that the new offer will bring many new things to the population of the Algarve, including new brands that are not yet present in the region," commented Carlos Récio, Senior Director responsible for the Retail Advisory & Transaction Department at CBRE Portugal.
The architectural language of the development is contemporary and conceptually inspired by the principles of popular Algarve architecture, carried out by Broadway Malyan. The building's structure is made of prefabricated concrete and is facing challenging planning for the executing organisation, DST. Work3 Engenharia e Consultoria is in charge of the engineering design and supervision.
Alexander Murch, investment analyst at Mitiska REIM, adds that "with regard to sustainability, Mitiska REIM has ambitious goals and a strategy in place for the coming years to achieve carbon neutrality by 2050, recognising that ESG factors play a crucial role in being a responsible fund manager. Several implementation measures are envisaged in this project".
