The site of a Portimão retail park, destroyed by fire in 2012, has been sold to a US investor by its owner, British Land.
The 8 hectare site was cleared of wreckage after the devastating fire and has lain empty ever since while insurers assessed claims and the owner decided what to do with the valuable site.
Multi Corporation, itself bought by the vast Blackstone Group in 2013, has picked up the site in a package of retail parks in a €100 million deal.
Existing retail parks in Viana do Castelo, Sintra, Santarém and Aveiro form part of the deal and now come under Multi's extensive operations.
Joaquim Castelão Rodrigues, the vice president of Portimão council told Sul Informação that the municipality wants a new owner to rebuild but the council has yet to receive any plans.
The retail park has attracted attention and speculation for years as nothing happened since the fire, apart from the council insisting that the site be cleared of twisted metal and charred building materials.
Multi is a leading owner, manager and developer of 90 high quality shopping centres across Europe and owns a shopping centre in Albufeira as well as ten others in Portugal.
