Press Release - Brazil, November 17th 2005

The company continues its expansion policy in Brazil

Sonae Sierra buys 20% of Shopping Plaza Sul

• Shopping Plaza Sul was inaugurated in April 1994
• 207 shops and 22 restaurants
• About 1,2 million monthly visits
• Sierra Enplanta will be responsible for the centre's management

Sonae  Sierra  Brasil  has  just  acquired  20%  of  Shopping  Plaza  Sul,  in  São  Paulo,  thus continuing its expansion policy in the country, where it already owns seven shopping centres in operation and one under development.

With the  acquisition  of 20%  of  Plaza  Sul,  formerly  belonging  to  Plaza  Shopping Empreendimentos Ltda, Sonae Sierra Brasil becomes a co-owner of the development. The other 80% are divided between four pension funds: Fundação CESP; Fundação Cosipa de Seguridade Social - FEMCO; Metrus - Instituto de Seguridade Social and Fundação Sistel de Seguridade Social. The Plaza Sul is now managed by Sierra Enplanta, a partnership between Sonae Sierra and Enplanta Engenharia in the Brazilian market, also responsible for the management of the group's other shopping centres in Brazil.

João Pessoa Jorge, Sonae Sierra's Director in Brazil, explains the importance of the Plaza Sul acquisition: "Our approach is focused on the construction of new shopping centres, but we're always looking for opportunities to participate in developments with a growth potential. The Plaza Sul fits this profile: it's set in a great location, it serves important neighbourhoods in the city such as Saúde, Jabaquara, Vila Mariana and Aeroporto, and it also has good accessibility, through roads such as Rodovia dos Imigrantes, the Maria Maluf freeway and the Bandeirantes Avenue".

Following  this  acquisition,  new  plans  are  already  being  made  to  make  Plaza  Sul  more innovative, with new options for the consumer, namely the expansion of the shopping centre with the construction of a Multiplex, with eight cinemas and a total of 1034 seats, as well as a theatre.

Inaugurated in April 1994, with a Gross Lettable Area (GLA) of 26.876m2 and 1.416 parking spaces, the Plaza Sul has 207 shops and welcomes about 1,2 million visits per month.

This shopping centre also offers numerous services, such as the Executive Plaza, which consists of free transportation in vans during lunch hour, for local businessmen; and the "Reflorescer" project, a set of free activities exclusively orientated towards clients over 60 years of age that include hikes, as well as dance, English, singing and art classes. The Plaza Sul visitors can also count on Casa Gourmet Arno, an initiative that offers the community free courses in cooking, everyday activities, special subjects and small businesses.

Sierra Enplanta is a partnership that began in  1999, between Enplanta Engenharia and Sonae Sierra, for investment, development and management of shopping centres in Brazil.

Currently,  Sierra  Enplanta  owns  in  Brazil  seven  shopping  and  leisure  centres  under operation and one under development: Penha and Boavista  (São Paulo-SP); Pátio Brasil (Brasília-DF);  Franca  Shopping  (Franca-SP);  Tivoli  Shopping  (Santa  Bárbara  D'Oeste-SP); Shopping Metrópole  (São Bernardo do Campo-SP), Parque D. Pedro  (Campinas  -SP), and Shopping Campo Limpo, currently in the final stages of construction, in São Paulo.

The centres managed by the group in Brazil welcome more than 6.2 million visits per month and have more than 1350 shops and about 265.000 m2 of GLA.

Sonae  Sierra,  www.sonaesierra.com,  is  the  international  shopping  centre  specialist  that  is  passionate  about bringing  innovation  and  excitement  to  the  shopping  and  leisure  industry.  The  company  owns  or  co-owns  36 shopping centres in Portugal, Spain, Italy, Greece and Brazil, with a total Gross Lettable Area (GLA) of more than 1,5  million m2.  Currently, Sonae Sierra is development  14  more projects in Portugal, Spain, Italy, Germany, Greece and Brazil, with a total GLA of more than 540.000 m2.