Sonae Sierra builds 10th shopping center in Brazil

24 October 2006

Porto, Portugal, 24 Oct – Portuguese real estate company Sonae Sierra said Monday it would begin construction, in 2007, of its tenth Brazilian shopping center in the Amazon city of Manaus, costing an estimated 163 million reals and due to be opened in October 2008.

The development will be built on a 62,000 square meter area and have a catchment area of some 1.5 million people.

The shopping center, which will be built over three floors and include stores, restaurants and entertainment, will have a total are of 43,126 square meters, 252 stores and a parking lot with 2,200 spaces.

The center’s architectural project was based on the themes of the Amazon’s flora, fauna and traditions, and the mall is expected to create 2,000 new jobs.

Sonae Sierra, which specializes in building and running shopping centers, is the owner, or co-owner, of developments in Portugal, Spain, Italy, Germany, Greece and Brazil.

Currently, the Sonae Group company is developing a further 14 projects in Portugal, Spain, Italy, Germany, Greece and Brazil with a total area of more than 480,000 square meters.

Meanwhile, half of Sonae Sierra’s business in Brazil was sold to US company Developers Diversified for US$150 million, which will be used to expand the company.

Sonae Sierra and Developers Diversified each agreed to contribute US$150 million in order to invest “approximately US$300 million in acquisitions and, or, new projects in Brazil over the next three years,” via the new partnership.

Sonae Sierra is a company specialized in shopping centers, which was founded in Portugal in 1989 and is owned in equal share by Sonae and British group Grosvenor. (macauhub)