Sonae Sierra (Sierra) has acquired a plot in the Weiterstadt commercial park to build a shopping and leisure center. Planning permission for the center was already issued in November 2005 and construction is expected to start in late 2006, with opening scheduled for autumn 2008.
The projected shopping and leisure centre will have 56,200 m² of GLA on four levels, for retail, restaurants and entertainment. A directly adjacent car parking garage is planned to have 2,750 spaces. The investment will total €200 million.
By acquiring the plot with 62,000 m², Sierra continues its targeted expansion on the German market. The crucial criteria for Sierra to opt for Weiterstadt was its optimum location and accessibility. The plot, situated in the well known commercial park on the A5 motorway, has a catchment area that extends to the southwest of Frankfurt am Main and to the south of Wiesbaden. Current market and location investigations have confirmed a growth in purchasing power for Weiterstadt due to an increase in population in the immediate vicinity.
Thomas Binder, responsible for the Company development business in Germany, said: "We are pleased to be present with another project in Germany, which is a very important market to Sonae Sierra. Through our concept in terms of design and content we want to contribute to enhancing the benefits of Weiterstadt by adding an attractive feature that will work as an attraction for the entire region."
Sonae Sierra is currently developing two other shopping and leisure centers in Germany, namely Alexa in Berlin and 3do, situated above the railway station, in Dortmund.
Source: Sonae Sierra