Lisbon, July 25th 2007

New Sonae Sierra shopping centres in Spain and Greece

El Rosal opens to the public on the 23rd of October and Pantheon Plaza in the Spring of 2008

El Rosal

• An investment of €111 million, which will create 1,400 new jobs
• 152 shops with 90% of the 50,000 m2 Gross Lettable Area already let
• Construction stage certified by the ISO 14001 environmental standard

Pantheon Plaza

• An investment of €76.3 million
• 120 shops and a Gross Lettable Area of 22,000 m2
• Pantheon Plaza will be the largest shopping and leisure centre in Larissa

Sonae Sierra will open to the public, next October 23rd, in Ponferrada, El Rosal - its 12th shopping and leisure centre in Spain, and in the Spring of  2008, the Pantheon Plaza, the largest shopping centre in Larissa, Greece.

€110 million in annual sales expected for El Rosal

El  Rosal,  developed  by  Sonae  Sierra  (70)%  and  the  Mall  Group  (30%),  will  have  a  gross lettable  area  of  50,000  m2,  making  available  a  complete  and  diversified  shopping  and leisure offer, with a total of 152 shops, and 90% of its gross lettable area (GLA) is already let.

Of  the  shops  which  have  already  been  let,  the  highlights  go  to  large  Spanish  and international brands such as Zara, Bershka, Pull & Bear, Oysho, C&A, Stradivarius, Massimo Dutti, Promod, Cortefiel, Women' Secret, New Yorker, Desigual, Jack & Jones, Shoes & Piel,  Springfield,  and  H&M.  The  restaurant  area  includes  brands  such  as  Burger  King, McDonald's, Nostrus, Foster's Hollywood, Telepizza, Doner Kebab and Muerde la Pasta. El Rosal  will  also  include  a  Carrefour  supermarket  and  7  cinemas,  to  be  managed  by  La Dehesa, as well as large dimension shops for IZI, Forum Sport and Hiperplanet. Up to date, 19% of the GLA has been let to local Ponferrada tenants, a total of 29 shops.

El Rosal has no direct competition in a 100km radius, and is located in a catchment area of 178,000  people.  7.4 million visits per year are expected, for a total of e110 million in annual sales (excluding the hypermarket).

According to Álvaro Portela, Sonae Sierra's CEO,  "With the opening of El rosal, we now have 12 shopping and leisure centres operating in Spain, reinforcing our leadership in the Iberian market. We're certain that this development will improve the quality of life in the catchment area, and brig further prosperity to the region of Ponferrada, thanks to the more than 1,400 jobs it will create".

El Rosal's  construction  stage  was  certified  by  the  ISO 14001  standard,  due  to  the implementation of the best environmental management practices in the construction site, defined in the scope of Sonae Sierra's Environmental Management System, which aims at minimizing environmental impacts and promoting continuous improvements in this area, according to Sonae Sierra's corporate responsibility policy.

Pantheon Plaza - An investment of €76.3 million, with 8 million visits expected

The  50/50 partnership between Sonae Sierra and Rockspring is currently developing the largest shopping and leisure centre in Larissa, which will serve a population of  197,000 inhabitants.

Álvaro  Portela,  Sonae  Sierra's  CEO,  states  that  at  the  PANTHEON  PLAZA  "we  offer  na innovative  and  diversified  offer,  with  a  total  of  120  shops,  with  a  Gross  Lettable  Area (GLA)  of 22.000  m2,  and  a  parking  lot  with  1,500  spaces".  He  also  adds:  "with  its inauguration in the Spring of 2008, Pantheon Plaza will become our second largest shopping and leisure centre in Greece, consolidating our presence in this market".

This  innovative  and  groundbreaking  shopping  and  leisure  centre  is  strategically  located east of the old national highway, 1.5 km for Larissa's town centre, and 8 million visits are expected on a yearly basis.

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  44 Shopping Centres in Portugal, Spain, Italy, Germany, Greece, Romenia and Brazil, with a total Gross Lettable Area (GLA) of more than  1,7 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  500.000 m2. In  2006, its centres welcomed more than 402 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.

The Mall Group has been operating in the different sectors of the real estate business for more than half a century now, distinguishing itself for the originality of its projects. This Austrian company is one of the references in the business, a position conquered thanks to its unique developments, always set in privileged areas and presenting as its most distinguishing elements design, excellence and sustainability.