Athens, 11th April 2007

Sonae Sierra expands its operation in Greece

Sonae Sierra and Rockspring will develop the largest shopping center in Larissa

• The development will have a GLA of 15,684 m2
• A € 48,5 million investment
• Scheduled to open in late Autumn 2007

Sonae Sierra, the international shopping centre specialist, and Rockspring Property Investment Managers Ltd, on behalf of its client, the PanEuropean Property  Limited  Partnership,  have  agreed  with  Athienitis  Contractors Developers Ltd, the current owner of the property, the acquisition of a site for the development of Larissa's largest shopping center.

Sonae  Sierra,  which  possesses  extensive  shopping  mall  development experience  in  the  international  and  Greek  markets,  will  provide  the technical know-how and management of the new shopping centre. Sonae Sierra  and  European  Fund  Manager  Rockspring's  open-ended  Limited Partnership-client, PanEuropean, which is already the co-owner with Sonae Sierra of three shopping centres in Portugal, will each hold a 50% interest in the Larissa project.

The  two  partners  intend  to  develop  an  innovative  Shopping  and  Leisure Centre, with a gross leasable area (GLA) of 15.684 m2. The property is to be located on the east side of the old national highway, 1.5 km from the city centre and will serve a total population of 126,000 inhabitants.

Representing  a  total  investment  of  €48.5  million,  the  Larissa  shopping centre  will  represent  a  unique  additional  provision  for  the  residents  of Larissa, offering retail, cultural, commercial and entertainment facilities, all   in   one   venue.   The   development   will   embody   Sonae   Sierra's characteristically imaginative approach in terms of architecture, marketing and environment. There will be on-site parking provision for 784 vehicles.

The  centre  is  scheduled  to  open  in  late  Autumn  2007  and  construction works have already commenced.

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 43 Shopping Centres in Portugal, Spain, Italy, Germany, Greece and Brazil, with a total Gross Lettable Area (GLA) of more than 1,6 million m2. Currently, Sonae Sierra is developing 14 more projects in Portugal, Spain, Italy, Germany, Greece and Brazil, with a total GLA of more than 500.000 m2. In 2006, its centres welcomed more than 400 million visits.

Rockspring Property Investment Managers Ltd, www.rockspringpim.com, is an established leader in European property investment with over 20 years practical experience and with funds under management of over €6.17 billion (December 2006) in 15 European countries. With property investment professionals located in its London, England Headquarters and is 6 continental European offices, Rockspring has the unrivalled local knowledge, long-established experience, wide-ranging relationships and resources for investors considering investment in a variety of investment fund formats, asset classes and geographic regions.