Milligan agrees jv with Eiffage for Portugal's first 'retail planet'

Retail developer Milligan has signed a joint venture agreement with construction company Eiffage for the financing and construction of Portugal's first 'Retail Planet' in Barreiro, Greater Lisbon. Barreiro Retail Planet, created by Milligan, combines the formats of both a retail park and a shopping centre. It will consist of over 40 speciality stores and restaurants, 13 retail park outlets and 1,750 parking spaces totalling a gross lettable area of 35,000 m².

The scheme is 70% let, with the four large anchor stores comprising a 11,000 m² hypermarket, a Decathlon store occupying 4,000 m2, DIY brand, Aki, with 3,578 m² and the Portuguese consumer electronics brand, Radio Popular, with 2,200 m².

Milligan noted that Eiffage is the 8th largest European construction company and already has a presence in Portugal. Eiffage and Milligan will jointly develop the scheme through to its launch. The project has been issued with a building permit and construction is due to commence in the summer with a view to launching in autumn 2010.