The Forum Algarve in Faro will be acquired by Alfana Investment Management in a deal valued at approximately 130 million euros. The signing of the operation was scheduled for 2 September 2026 in Lisbon, and marks the Spanish manager's first acquisition outside Spain. The shopping centre previously belonged to Commerz Real Investment Gesellschaft, an asset manager of the Commerzbank Group, with the sale being advised by Ambas Real Estate.
The Forum Algarve is one of the main commercial spaces in the Algarve region, opened in 2001, with a total area of approximately 27,400 square metres, 115 commercial spaces, more than 100 stores, five cinema screens, more than 20 restaurants, and more than 2,200 parking spaces. In 2025, retailer sales exceeded 120 million euros and the shopping centre received more than 7.8 million visitors, with an occupancy rate close to 100%.
The acquisition brings the value of retail assets under management by Alfana to approximately one billion euros, which until now had four shopping centres in Spain: Madrid Xanadú, Moraleja Green, Ballonti, and AireSur. The Forum Algarve will be integrated into Rivoli Retail. The investment involves Banco Santander wealth management clients, with Garrigues providing legal advice to the buyer, KPMG providing financial advice, and RPE, CBRE, and GMD Consultoría advising on other areas of the deal.
The operation occurs during a period of strong activity in the commercial real estate market in Portugal, where investment exceeded 1,410 million euros in the first six months of 2026, a 14% increase compared to the same period last year. Among the notable operations of the first half of the year was the acquisition of GaiaShopping and ArrábidaShopping by Sonae Sierra for 180 million euros. The size, tourist demand, and location of Forum Algarve at the entrance to Faro place it at the centre of Alfana's international expansion strategy.
