Cushman & Wakefield takes over management of the new Retail Park in Setúbal

Cushman & Wakefield has announced it has been selected to manage the Retail Park in Setúbal, further strengthening its presence in the retail park sector in Portugal. The asset, owned by Remake Live SCPI, is now part of the consultancy's portfolio in the country, making it the sixth retail park under its management.

Located on Estrada de Algeruz, next to Mercadona and Continente supermarkets, the Retail Park in Setúbal was Remake’s first investment in Portugal and features a gross leasable area of over 4,000 sq.m. The shopping space was inaugurated in the last quarter of last year and houses leading brands, some of which are new to the residents of Setúbal: MaxMat, which opened its first store in the city, and KFC, which—despite already having a presence in Setúbal—is debuting its first drive-through restaurant in this market. The retail park also accommodates Worten, which relocated from another building in the city. The development offers 132 free parking spaces.

"We believe that the expertise and specialisation of Cushman & Wakefield will be crucial to consolidating the Retail Park in Setúbal as a reference destination in the city. Management quality is one of Remake’s strategic pillars, and for that, we rely on solid and experienced partners like C&W," comments Thomas Ménède, MRICS, Asset Management Team Leader of Remake Live SCPI.

"We are delighted to add the Retail Park in Setúbal to our management portfolio in Portugal. This asset has a strategic location and a strong commercial mix, reinforcing the growing trend of retail parks in the national market. Cushman & Wakefield's commitment will be to ensure efficient operation and contribute to the success of the development," states André Navarro, Partner and Head of Retail Asset Services at Cushman & Wakefield.

Cushman & Wakefield manages a portfolio of 800,000 sq.m of commercial real estate (GLA) in Portugal, encompassing retail, offices, logistics, and hospitality assets. Within the Retail Park category, this is the sixth asset to join the consultancy’s portfolio.