Commerz Real has sold the FORUM ALGARVE shopping centre in Faro, Portugal. The transaction was overseen by ambas Real Estate, a consultancy specialising in retail and mixed-use properties, which acted as exclusive sales advisor. The purchaser of the property is the Spanish Alfana Investment Management, based in Madrid. The transaction volume for this property amounts to approximately EUR 130 million, underscoring the significance of the deal in the European investment market.
Opened in 2001, FORUM ALGARVE boasts a total lettable area of 27,400 square metres. It accommodates a variety of retail shops and service providers, specifically 115 stores, and also offers 2,250 parking spaces for its visitors. With annual visitor numbers of nearly 7 million people, the centre has established itself as a prominent shopping destination in the region, appealing to both the local population and tourists, thereby serving a broad target audience.
Structured Sales Process Successfully Concluded in Southern Europe
The sales process was conducted as part of a structured, Europe-wide procedure. The notarisation of the transaction took place in Lisbon. For ambas Real Estate, the successful sale of FORUM ALGARVE represents its fourth notarised retail property transaction this year. This demonstrates the continued activity and expertise of the consultancy in the retail property segment. The transaction also confirms that for established and sustainably positioned retail properties in the European investment market, a broad investor appeal remains possible.
Klaus Mennickheim, Managing Partner at ambas Real Estate, commented on the successful completion. He emphasised that with FORUM ALGARVE, his transaction team had once again succeeded in achieving a very good marketing result for the client within a structured, Europe-wide sales process. This occurred less than two years after the successful sale of ESPAÍ GIRONÈS near Girona, highlighting repeated competence in Southern European markets. Mennickheim also extended his congratulations to Alfana Investment Management on entering the Portuguese shopping centre market, which marks their strategic expansion into this region.
