Press release, Düsseldorf, 18th July 2006

Sonae Sierra continues its expansion in Germany

Sonae Sierra acquired plot to build shopping and leisure centre in Weiterstadt commercial park

• Sonae Sierra's third project in Germany
• Gross leasable area (GLA): 56,200 m²
• Total investment of EUR 200 million

Sonae Sierra (Sierra), international owner, developer and manager of shopping and leisure centres, has acquired a plot in the Weiterstadt commercial park to build a shopping and leisure centre. Planning permission for the centre was already issued in November 2005 and construction is expected to start in late  2006, with opening scheduled for autumn 2008.

The projected shopping and leisure centre will have 56,200 m² of GLA on four levels, for retail, restaurants and entertainment. A directly adjacent car parking garage is planned to have 2,750 spaces. The investment will total EUR 200 million.

By  acquiring  the  plot  with  62,000  m²,  Sierra  continues  its  targeted  expansion  on  the German market. The crucial criteria for Sierra to opt for Weiterstadt was its optimum location and accessibility. The plot, situated in the well known commercial park on the A5 motorway, has a catchment area that extends to the southwest of Frankfurt am Main and to the south of Wiesbaden. Current market and location investigations have confirmed a growth  in  purchasing  power  for  Weiterstadt  due  to  an  increase  in  population  in  the immediate vicinity.

Thomas Binder, responsible for the Company development business in Germany, said: "We are pleased to be present with another project in Germany, which is a very important market to Sonae Sierra. Through our concept in terms of design and content we want to contribute to enhancing the benefits of Weiterstadt by adding an attractive feature that will work as an attraction for the entire region."

Sonae Sierra is currently developing two other shopping and leisure centres in Germany, namely Alexa in Berlin and 3do, situated above the railway station, in Dortmund. 

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.  Sonae  Sierra  owns  or  co-owns  39 shopping  centres  in  Portugal,  Spain,  Italy,  Greece  and  Brazil  with  a  total  GLA  of  more  than  1.6  million  m². Currently, Sonae Sierra has 15 other projects under development in Portugal, Spain, Italy, Germany, Greece and Brazil  with  a  total  GLA  above 570.000  m².  The  company  has  earned  an  international  reputation  for  the development  of  innovative  products  as  well  as  for  its  management  skills,  and  has  been  awarded  more international prizes than any other company in this sector.