Spanish real estate company Neinver said it has bought land in Portugal's Algarve region to develop its second outlet centre in that country. Neinver plans to invest EUR 60 mln in the project, which will be located in one of the best tourist areas in the country and create between 1,500 and 2,000 jobs.
Spanish real estate company Neinver said it has bought land in Portugal's Algarve region to develop its second outlet centre in that country. Neinver plans to invest EUR 60 mln in the project, which will be located in one of the best tourist areas in the country and create between 1,500 and 2,000 jobs.
The new outlet centre will be located 12 km from the centre of Faro and 15 km from the international airport.
Neinver claims to be a pioneer in introducing the outlet concept into Spain and Poland, under the FACTORY brand, and is currently the leading company in outlet management in those countries, and the third largest outlet operator in Europe.
Neinver said in April it plans to invest up to EUR 500 mln in the development of some 340,000 m2 of retail space in the next two years. This is expected to more than double the company's retail portfolio, which will reach 700,000 m2 by 2010 through both development investments and acquisitions. The company currently manages about 225,000 m2 of retail space across Europe.
