German investor TMW Pramerica Property Investment has acquired a retail centre in Portimao, in the Algarve region of Portugal, for its special fund EuRetail. Although the seller was not disclosed, it is understood that the centre was acquired from French developer Bouygues Immobilier. A spokesperson for TMW Pramerica said on Friday that a non-disclosure agreement has been signed regarding the sale price.
German investor TMW Pramerica Property Investment has acquired a retail centre in Portimao, in the Algarve region of Portugal, for its special fund EuRetail. Although the seller was not disclosed, it is understood that the centre was acquired from French developer Bouygues Immobilier. A spokesperson for TMW Pramerica said on Friday that a non-disclosure agreement has been signed regarding the sale price.
The newly-built centre provides around 12,000 m2 of retail space fully let with six and 10-year lease terms to a range of retailers including C&A, Casa, Sportzone and consumer electronics giant Worten. In the immediate vicinity of the centre Bouygues is teaming up with Portuguese builder Lanca to develop a shopping centre which will have 35,000 m2 of gross lettable area on completion in 2011.
'The shopping centre will attract additional visitors to this location and will generate enduring bundle sales,' said portfolio manager Ingo Wilz. 'Furthermore the location of our retail centre will experience further appreciation.'
TMW Pramerica Property Investment is a subsidiary of Pramerica Real Estate Investors, which in turn is the real estate unit of the US financial and insurance group Prudential Financial. Pramerica manages property funds predominantly for institutional clients and is among the leading real estate managers worldwide with about EUR 33 bn of assets under management.
