Joint venture for Designer Outlet Algarve established

Ikea Centres and the Mutschler Group signed a joint venture agreement for the development of Designer Outlet Algarve.

This is part of the larger Algarve Shopping complex, with a total lettable area of 82,000 sq m, and is located in the municipality of Loulé. It is designed to appeal equally to residents and tourists. The 110 shops will be built in two phases on 17,000 sq m.

Richard Vathaire, CEO of Ikea Centres in Portugal, said: “This is very good news for us and Designer Outlet Algarve. We will benefit from the Mutschler Group’s experience and professionalism. We are very glad to have them as our partner in this new and exciting project.”

The opening of the first part of the Factory Outlet Center is planned for summer 2017.

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