According to a report by ECO, Belgian group Mitiska REIM will invest 20 million euros in the reconstruction of the Portimão retail park, which was once the largest in the Algarve, but was destroyed by a fire in 2012. According to the project, which is currently under public consultation, the Nova Vila Retail Park will have a construction area of around 21 thousand square meters and will create more than 200 jobs.
The 78,927 square meter lot has been empty since 2012, the year in which a fire destroyed the Portimão Retail Park, which opened six years earlier. In 2016, this complex was sold by the British Land fund to Multi Corporation, owned by the North American giant Blackstone.
Meanwhile, the asset (or what little was left of it) was sold to Mitiska REIM, the European leader in retail parks, which arrived in Portugal in January 2018 with the acquisition of Parque Mondego, in Coimbra, and Focus Park Canidelo, in Vila Nova de Milfontes. Early on, the company communicated its desire to revive this retail park, which was once the largest in the Algarve, and it is now known that it foresees an investment of 20 million euros for this reconstruction.
According to the Belgian company, the retail park will have two floors, around two dozen stores and 839 parking spaces, some of which will be for electric vehicles.