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Neinver buys site in Portugal

The Spanish real estate firm says it plans to invest €60 million in a project to build a factory outlet centre in southern Portugal.

Neinver, the Madrid-based real estate company, has bought land in southern Portugal to develop a factory outlet centre on.

The company, which was established 40 years ago, said it intended to invest €60 million in the project in the Algarve.

Neinver said it was not making the inevstment, however, for its Irus European Retail Property Fund, which raised €480 million in 2007. That fund already includes one centre in Portugal – Factory Madrid Getafe in the northern part of the country. The remainder of assets in the fund are in Spain, Italy, Germany, and Poland.