Portuguese real estate firm Imorendimento has announced that one of its funds is investing EUR 100 mln in the development of a new retail project for locals and tourists in the Algarve region of the country. The Summerville Shopping Parque scheme will comprise a modern 43,800-m[sup]2[/sup] shopping centre, office space, a budget hotel and a healthcare facility.
Portuguese real estate firm Imorendimento has announced that one of its funds is investing EUR 100 mln in the development of a new retail project for locals and tourists in the Algarve region of the country. The Summerville Shopping Parque scheme will comprise a modern 43,800-m2 shopping centre, office space, a budget hotel and a healthcare facility.
In a statement, Imorendimento said Summerville is designed for residents and for the estimated 6.5 million tourists who visit the Algarve annually.
Imorendimento's EUR 570 mln closed-end Imo Pan Iberian Retail fund is the developer and investor in the project located at Guia, Albufeira.
The mixed-use complex is due for completion in 2012. LaSBA and Imorendimento Active Services, owned by Imorendimento, are letting agents for the retail project.
Back in June 2008, Imo Pan Iberian Retail completed the acquisition of the site in Guia and it said it intended to invest EUR 88 mln in the development of a 55,000-m2 shopping centre project, known then as Algarve Gran Plaza. It was planned to open the centre in May 2010.
Imorendimento subsequently reworked the concept to include the non-retail components and pushed back the opening date by two years.