Spezia, press release - 09-08-05

To be inaugurated in 2008, in Spezia

Sonae Sierra has a new project in Italy

• A partnership between Sonae Sierra and ING Real Estate Development
• The development will have a GLA of 38.300 m2
• A € 130 million investment

Sonae  Sierra  and  ING  Real  Estate  Develoment  have  just  established  a partnership (50%/50%) for the development of a new shopping and leisure centre in Spezia, Italy. It's scheduled to open to the public in the Summer of 2008.

With a gross lettable area of 38.300 m2, and a total investment of € 130 million, the new centre will have a hypermarket managed by Coop Liguria as its main anchor shop.

As for all Sonae Sierra developments, this new centre will feature the most sophisticated   solutions   in   terms   of   architecture,   marketing   and environment,  so  as  to  become  a  reference  in  both  the  Italian  and  the European markets.

On this development, Pietro Malaspina, Sonae Sierra's Managing Director in Italy, stated: "The new shopping centre will be perfectly integrated in the surrounding urban   environment, and its construction reinforces Spezia's traditional role as a reference marketplace in its vast catchment area, giving the city a new high quality shopping, services and leisure activities attraction pole, both in terms of the tenant mix and of the development itself".

This Spezia development is particularly important in terms of encouraging the recovery of a former Petrol Industry site, and is a natural extension to the city centre.

Sonae Sierra and ING Real Estate currently co-own eight shopping centres, including Centro Colombo, in Lisbon, and the Zubiarte, in Bilbao, by the Guggenheim Museum.

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 34 Shopping Centres, in Portugal, Spain, Italy and Brazil, with a total gross lettable area (GLA) of more than 1,4 million m2. Currently, Sonae Sierra is developing 15 more projects in Portugal, Spain, Italy, Germany, Greece and Brazil, with a total GLA of more than 600.000 m2.

ING Real Estate Development is part of ING Real Estate, an international company specialized in real estate financing and asset management, and is a part of the Dutch multinational ING. ING Real Estate currently operates in 14 countries, including Holland, France, Spain, Germany, United Kingdom and Italy.