Mitiska REIM, a commercial real estate developer, has announced it is to invest €20 million to build a new 21,000 sq m out-of-town retail development near Portimão in Portugal’s Algarve region, creating 200 or more new jobs.
The new Nova Vila Retail Park development will benefit from 875 free parking spaces and will be located near the A22, the principal motorway running east-west through the Algarve.
Commenting on the project, Jan Du Bois, Investment Director Iberia at Mitiska REIM, claimed out-of-town developments were popular due to their easily accessibility and lower rents and charges than traditional high street locations.
Nova Vila Retail Park is scheduled to open in 2023.
Source: Idealista
