Press Release, Madrid - March 30th 2004

Shopping and Leisure Centre opens Wednesday in La Manga
Sonae Imobiliária inaugurates ‘Dos Mares'

• 5 million visits expected in the first year
• An investment of €36,5 million
• 88% of the gross lettable area already let

Shopping and Leisure Centre ‘Dos Mares', owned by Sonae Imobiliária (65%) and the Erosmer Ibérica Group (35%), the largest development of its kind in the Spanish region of La Manga, opens its doors to the public next Wednesday, March 31st.

Located between the cities of Alicante and Cartagena, the `Dos Mares` represents an investment of €36,5 million.

The centre is inaugurated with 59 of its 76 shops already let, more than 88% of its gross lettable area. These include an Eroski hypermarket, 10 Neocine cinemas with 1400 seats, and large surfaces for Bricolaje Bricoasuar (do-it-yourself) and Cadena Master (home appliances), as well as Bowling Dos Mares.

Besides this set of anchor shops, the centre will make available a widely diversified shopping and leisure offer, with the presence of several prestigious brands, such as Zara, Stradivarius, Springfield and Puma, as well as 13 restaurants and bars. The total Gross Lettable Area (GLA) reaches 24.257 m2 and the parking lot will have a capacity of 1120 parking spaces.

The catchment area of the ‘Dos Mares' is composed of over 64 thousand people less than 10 minutes away by car, and about 5 million visits/year are expected. The Centre's management will be the responsibility of Consultoria de Centros Comerciales (CCC), Sonae Imobiliária's Spanish branch.

The Mediterranean spirit

Involved  in  the  development  of  the "Dos  Mares"  architectural  project  was  as international, multi-disciplinary team of architecture, design, interior decorating and lighting  professionals.  The  Centre  was  designed  to  blend  in  with  the  urban  and landscape surroundings, recreating the Mediterranean spirit through the use of colours, materials and natural lighting.

Like  all  of  Sonae  Imobiliária's  Centres,  the ‘Dos  Mares'  has  a  sophisticated Environmental Management System to ensure the best practices in areas such as energy saving, water treatment, resource enhancement, selection and use of materials, etc.