Germany's Commerz Grundbesitz Group (CGG) has acquired the Montijo Retail Park development located in the Montijo quarter of Lisbon through its open-ended property fund hausInvest europa. The transaction value comes to about EUR 30 mln. The Montijo project will cover 17,700 m[sup]2[/sup] of retail space with 350 aboveground and 450 underground parking spaces. The catchment area within a radius of 10 driving minutes will cover 300,000 people. The project is due for completion at end-2008.
Germany's Commerz Grundbesitz Group (CGG) has acquired the Montijo Retail Park development located in the Montijo quarter of Lisbon through its open-ended property fund hausInvest europa. The transaction value comes to about EUR 30 mln. The Montijo project will cover 17,700 m2 of retail space with 350 aboveground and 450 underground parking spaces. The catchment area within a radius of 10 driving minutes will cover 300,000 people. The project is due for completion at end-2008.
'With regard to the above-average positive development of the Portuguese economy, the dynamic growth of the population and rising private consumption we expect our shopping centres in Lisbon will benefit from this trend,' said CGG's chairman and managing director Frank Porschke.
