Sonae Sierra has announced that it has acquired, for €32 million, in partnership (50%/50%) with GREP, a fund managed by Grosvenor, shopping center Modelo de Albufeira and shopping center Continente de Portimão, which were owned by Modelo Continente, SGPS.
With these acquisitions, Sonae Sierra has also reinforced its position in the region of Algarve, Portugal, where it already owned AlgarveShopping, located in the Guia area.
Besides the investment in the acquisition of the entire capital of these two shopping centers - €12,3 million for SC Modelo de Albufeira and €19,7 milion for SC Continente de Portimão the partnership between Sonae Sierra and GREP Fund aims to invest a further €14 million in the refurbishing of the two units, so that they can comply with the high standards of architectural and environmental quality set by Sonae Sierra for all its shopping and leisure centers. Sonae Sierra was the first company in the sector to obtain, at a worldwide level, the ISO 14001 standard certification for its environmental management system.
Shopping center Modelo de Albufeira, located in the center of the city and inaugurated in August 1989, has a GLA of 10.471 m², in three levels, and a total of 43 shops, including a Modelo Hypermarket and brands such as Worten, Modalfa and SportZone.
Shopping center Continente de Portimão, in its turn, opened to the public in August 1990, and has seen its first two levels deeply refurbished in the beginning of 1998, with the introduction of a restaurant area and a cinema complex. Located by the main access road to the city of Portimão, this shopping center has four levels, 13.492 m² of GLA, and a total of 60 shops, including a Continente Hypermarket, six Castelo Lopes cinemas and 11 restaurants.
Both centers also have parking areas, with 562 spaces in Albufeira and about 800 spaces in Portimão.
Source: Sonae Sierra