The board has appointed DTZ Debenham Tie Leung Ltd. to market the company's three mainland European assets, a company statement said. Over the past three years, Freeport has switched its focus largely from the development and operations of retail outlet villages in the UK to a mainland European concentration. More than 84,000 sm of UK space has been replaced by 114,300 sm in mainland Europe with a further 72,400 sm of development proposed over the next three years.
The assets likely to be put up for sale include a retail complex at Alcochete, near Lisbon. This, among the largest outlet centers in Europe, has been operating for nearly 16 months and has made a significant contribution in its first period of trading. Freeport Kungsbacka in Swede, also a potential candidate, has boasted a 12% increase in rental income over the past year. Freeport Excalibur, on the Austrian/Czech border, is also a potential sale target. Rental income there is up 40% over last year.
Freeport executives were unwilling to comment on what the asking price of the three European assets might be.
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