Mitiska REIM has announced the opening of Nova Vila retail park, a new development located in Portimão in the Algarve region of Portugal.
Developed on behalf of the FRI 2 fund, the new retail park has a gross leasable area (GLA) of approximately 23,000 sqm spread over 16 retail units. The retail park is fully let and anchored by a Leroy Merlin DIY store and a major supermarket not yet present in the Algarve region, which is scheduled to open in the coming months. Other main tenants include Hôma, Rádio Popular, Jysk, Action and Flying Tiger, and a Burger King restaurant that is planned to open in the summer. In total, more than 200 new local jobs will be created as a result of the development.
The retail park is conveniently located 3 kilometres from the city centre of Portimão, next to National Road 125, with parking for 832 cars and is easily accessible by bicycle and public transport.
Designed to be CO2 neutral in operations and targeting an “Excellent” BREEAM certification, other sustainability initiatives include plans for solar panels on the roof area to generate and store electricity onsite, green leases signed with all tenants, rainwater reservoirs for irrigation and landscaping with native plants.
Alexander Murch, Investment Associate in Mitiska REIM’s Portuguese team, comments: “Nova Vila brings new retail brands and new retail infrastructure to the city of Portimão, including the first Action store in the region. The retail park’s design has been inspired by the local architecture, paying homage to the simple white facades that feature in the city, and is now a new retail landmark for both Portimão and the surrounding area.”
Enzo Guidez, Mitiska REIM’s Investment Director for Portugal, adds: “This is the second project developed by Mitiska REIM on behalf of funds in Portugal over the past 8 years. Our Portuguese portfolio now consists of 7 retail parks and mixed-use standing assets with a GLA of around 160,000 m2, with 2 new developments planned to open in 202,6, bringing the total GLA to more than 250,000 m2, in addition to a strong pipeline of potential new projects.”
