Italy, March 29th 2005
Two new shopping centres under development
Sonae Sierra reinforces its presence in Italy
Sonae Sierra will develop two new shopping and leisure centres in Italy, located in Biella (between Turin and Milan) and Caselle (Turin). These two developments significantly reinforce the company's presence in Italy, one of the strategic markets in the company's expansion and internationalization project, which the company has been developing for the past few years.
The two new shopping and leisure centres join the Freccia Rossa, in Brescia, which is already being developed, and the management of three shopping and leisure centres - the Oriocenter and two other belonging to the Pirelli Group.
In what concerns shopping centres under development, Sonae Sierra now totals 150.000m2 of Gross Lettable Area (GLA), which represents an already very relevant presence in the transalpine country.
The development of the new Centre in Biella, scheduled to open in the second semester of 2007, is the result of a partnership with NovaCoop, and should represent an investment of € 72 million.
The complex will have a total GLA of 34.675m2, including a hypermarket operated by NovaCoop with 13.500 m2, which will make this Centre the most complete and innovative offer in this region of Italy.
As for the new Centre in Caselle, located in an area next to the Turin Airport, it's a development 100% owned by Sonae Sierra, which involves 85.705 m2 of GLA, including a leisure area with a multiplex cinema, besides a hypermarket with 15.300 m2.
Scheduled to open in the second semester of 2007, the Caselle Centre will be one of the largest in Italy, involving a global investment of € 248 million.
Freccia Rossa, innovation in the heart of Brescia
The first Sonae Sierra development in Italy, in the city of Brescia, will be called Freccia Rossa, to honour the historic "Mille Miglia" car race, which made the city the cradle of motor sports.
The Freccia Rossa promises to bring back to life the allure of the legendary competition, offering an innovative approach to a commercial offer based on fashion, restaurants, cinema, gymnasiums and other leisure activities.
The new Centre will have a GLA of 29.000 m2 and will be located in the central area of Brescia, operating in a catchment area of about 500 thousand people 30 minutes away by car, with one of the strongest purchasing powers in Italy. It is scheduled to open in the Fall of 2007.
This project represents an investment of € 114 million, together with AIG (40%) and Coimpredil (10%), while Sonae Sierra holds 50% of the Centre.
Management of the largest shopping centre in Italy
Besides the three shopping and leisure centres currently under development, Sonae Sierra has another three shopping centres under management in Italy. One of those centres - the Oriocenter - is the largest commercial complex of the country, with 200 shops and nine anchor-shops. The Oriocenter was opened in 1998 and is located in Lombardy, northwestern Italy, being owned by CGI (Germany).
The other two shopping and leisure centres, the 45ºN and the Bicocca Village, are owned by the Pirelli Group and are located in Turin and Milan, respectively.
Note: Caselle and Biella are the temporary names of the two projects.
Sonae Sierra, www.sonaesierra.com, Sonae Sierra is the international shopping centre specialist that is passionate about bringing innovation and excitement to the shopping and leisure. The Company owns or co-owns 32 Shopping Centres and 1 Retail Park, in Portugal, Spain and Brazil, with a total gross lettable area (GLA) of more than 1,3 million m2. Currently, Sonae Sierra is developing 13 more projects in Portugal, Spain Italy, Germany and Greece, with a total GLA of more than 560.000 m2.
NovaCoop is an associated company of the Consorzio Nacionale Coop Italia, that manages 9 hypermarkets and 51 supermarkets in Northern Italy.
AIG Global Real Estate Investment Corp. is an international property fund involved in financing and development of important building projects, with a proven track record of 9.5 million dollars invested since 1994 on 388 building projects involving 50 countries.
Coimpredil S.p.A. is an Italian company specializing in the development of real estate projects, both in partnership and alone, on an international level. It has been particularly involved in the development of shopping centres, of which it played a pioneering role in Eastern European countries such as Poland and Croatia.