Lisbon, November 29th 2005
An investment of € 13 million
Sonae Sierra and Miller Developments launch a Retail Park in Viana do Castelo
An investment of € 13 million
Inauguration scheduled for the Fall of 2006
10 shops and 2 restaurants
10.800 m2 of GLA
Sonae Sierra and Miller Developments will launch a Retail Park in Darque, Viana do Castelo, in the Fall of 2006. This development represents an investment of € 13 million.
With 10.800m2 of Gross Lettable Area (GLA), the Viana do Castelo Retail Park will feature 10 shops, with areas varying from 450m2 to 2800m2, and 2 restaurants, in a catchment area of 125 thousand people 20 minutes away.
The letting of the new Retail Park, where the construction work for the creation of infra-structures has already begun, will be the responsibility of Sonae Sierra and Cushman & Wakefield Healey & Baker.
The Viana do Castelo Retail Park will be the fourth development in Portugal by the joint-venture created by Sonae Sierra and Miller Developments in April 1998, for the investment in this retail format in the Iberian Peninsula.
Besides this project in Viana do Castelo, Sonae Sierra and Miller Developments have a project for the Setúbal Retail Park, and have successfully developed the Sintra Retail Park and the Coimbra Retail Park.
This is Sonae Sierra's second development in Viana do Castelo, two years after the inauguration of Estação Viana, a shopping centre that has since become the main shopping and leisure destination in the city.
A successful concept
A Retail Park is an area composed of several medium dimension units, with areas varying from 450 m2 to 4000 m2. This format's main benefit resides in the fact that it offers tenants a larger product exhibit area at costs significantly lower than those of a shopping centre, with competitive rents, satisfying the consumers' expectations both in terms of dimension and diversity, in carefully selected areas of activity.
This concept, that has its origins in the United States - nowadays holding an important spot in the consumers' choices -, finds its largest expression in Europe in the United Kingdom and in Germany, two countries that have about 75% of the Retail Park market.
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 38 Shopping Centres in Portugal, Spain, Italy and Brazil, with a total Gross Lettable Area (GLA) of more than 1,5 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 530.000 m2.
The Miller Group is the UK's largest privately owned house building, property development and construction business. With a focus on creating effective, long term partnerships, we aim to deliver world class levels of performance for all of our customers and stakeholders.