September 8th 2005

Sonae Sierra's new shopping and leisure centre in Covilhã

 Serra Shopping opens on November 23rd

• A € 27,6 million investment, which creates 96 shops and 800 new jobs 95% of the Gross Lettable Area (GLA) already let
• Significant presence by local tenants Main national and international brands present
• Environmental safety and quality ensured through sophisticated solutions

Sonae Sierra hosts today the traditional key delivery ceremony to Serra Shopping's future tenants. The new shopping and leisure centre opens to the public on November 23rd, in Covilhã.

Representing a € 27,6 million investment, the new centre will create more than 800 jobs, and will be a major development pole for commerce and economic activities in the Beira Interior region.

The new shopping centre is based on the expansion project of the Modelo da Covilhã supermarket. The construction work began in August  2004. The Serra Shopping makes available a total of 86 shops, with a Gross Lettable Area of 17.866 m2, 95% of which is already  let,  a  proof  of  the  enthusiasm  surrounding  this  development  in  the  region, allowing  for  the  presence  of  the  most  prestigious  national  and  international  brands, complementing the 34 local tenants that represent 40% of the centre's total GLA.

With a parking lot holding 912 parking spaces, 696 of which are indoors, the new centre will have six large dimension shops (Continente Hypermarket, Castello Lopes Cinemas with four hi-tech theatres, Worten, Sportzone, Modalfa and Maxmat), 65 satellite shops and 15 restaurants,  featuring  the  presence  of  such  prestigious  brands  as  Oysho,  Bershka, Pull&Bear,  Gato  Preto,  Kiddys,  Zippy,  Salsa,  Bata,  Springfield,  Lanidor,  Perfumes  e Companhia, Singer, Quebra Mar, Pizza Hut and Livraria Bertrand, among many others.

Set on a  25.375 m2 site, the new shopping and leisure centre is located at Quinta do Pinheiro, Santa Maria parish, and has excellent access roads available, including the A23, road 18 and the Europa Avenue (formerly the TCT-Teixoso-Canhoso-Tortosendo axis).

The  letting  of  the  new  centre  is  the  responsibility  of  Sonae  Sierra  and  Cushman  & Wakefield Healey & Baker.

An estimated € 24,5 million in sales

According to a market survey, the Serra Shopping will welcome 4,1 million visits per year, an estimate based on a catchment area of about 109 thousand people 30 minutes away by car   and about 37 thousand 10 minutes away.

These figures point to a revenue of  24,5 million euros in the first year of activity, not including the food court and hipermarket food area sales.

Environmental safety and quality assured

Abiding to Sonae Sierra's policy for all shopping and leisure centres, the Serra Shopping will also observe the most rigorous and demanding safety standards set by the company, namely in terms of comfort, safety, access and environmental protection.

To what  concerns  environmental  preservation,  Serra  Shopping  obtained,  during  its construction  stage,  the  ISO 14001  environmental  certification,  which  refers  to  the management of the construction process. Issued by the BVQI, this certification is the result of  the  implementation  of  the  best  practises  in  environmental  management  during construction, defined in the scope of Sonae Sierra's Environmental Management System, which  aims  at  minimizing  the  environmental  impacts  and  promoting  a  continuous improvement of our performance in this area.

The new centre boasts the most recent and sophisticated solutions in domains such as the separation and treatment of waste or water savings. The energy management and savings system is fully computerized (BMS - Building Management System).

In what concerns the safety of visitors and the building itself, the Serra Shopping will benefit  from  the  most  modern  support  systems,  such  as  the  automatic  fire  detection system  (SADI),  the  closed  circuit  television  surveillance  system  (CCTV),  the  automatic intruder detection system  (SAI), the portable fire-fighting network  (RIA) or the access control system.

Sonae Sierra, www.sonaesierra.com, is an international shopping centre specialist, with a passion for bringing innovation and excitement to the shopping and leisure centre industry. The Company owns or co-owns 34 Shopping Centres, in Portugal, Spain, Italy, Germany, Greece and Brazil, with a total (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.

Technical Sheet