Sonae Imobiliária and Foncière Euris, together with its subsidiary Rallye, signed a jointventure contract that creates a partnership for the shopping and leisure centre project that Sonae Imobiliária has under licensing in Alexanderplatz, Berlin.
The joint-venture seals the alliance for project development and defines the ownership structure of the shopping and leisure centre located between Alexander, Gruner-and Dircksenstrasse. The investment volume for this project amounts to 290 million euros, and after completion, the property management will be done by Sonae Imobiliária. SG Corporate & Investment Banking (SG CIB), part of Societé Generale Groupe, acted in this agreement as advisor to Sonae Imobiliária.
The alliance with Foncière Euris supports the sustainable development of the centre. 'We are pursuing a long-term strategy in every respect', said Álvaro Portela, CEO of Sonae Imobiliária. 'By forming partnerships, we are able to invest in large-scale projects. Thus, we can pursue our ambitious expansion plans and protect our projects in the long run.'
“We are very happy to be able to establish ourselves in Germany thanks to our partnership with Sonae Imobiliária”, said Pierre Férraud, CEO of Foncière Euris. “We are thus continuing our efforts in the development of shopping and leisure centers together with the leading operators in the sector, with financial security provided by Foncière Euris, while contributing to their valorization work.“
This partnership agreement is subject to clearance by the competent authorities of merger control.
At the end of last month, Sonae Imobiliária applied for a building permit for the shoppingand leisure centre. The large-scale project encompasses three legally separate construction units. The heart of the project is a shopping- and leisure centre for approximately 200 tenants with 80,000 square meters GBA as well as a public area of 2,500 square meters.
The Centre consists of five stories with 42,000 square meters GLA for retail trade, 2,000 square meters for gastronomy / service as well as 9.000 square meters for leisure / entertainment.
In addition there are two underground parking facilities with approximately 1,600 parking spaces.
Also planned is a 150m-high office tower with a 42,000 square meters GBA, for which a developer is still being sought. To the south of this area the joint-venture partner DEGEWO/GEWOBE Wohnungswirtschaftliche Beteiligungsgesellschaft mbH is developing a residential, business and office complex with a 65m-high tower and 42,000 square meters GBA. The start of construction work is expected this year, the opening is planned for autumn 2006.
Source: Sonae Imobiliária