Sonae Sierra and British company Miller Developments have established a joint venture for the development of a new Shopping and Leisure Centre in the Las Pulianas neighbourhood, in the north-western area of the city of Granada, Spain, with a total investment of €107 million. The center is scheduled to be open to the public in 2009.
View on Granada where Sonae Sierra and Miller will develop a new shoppping and leisure center.
The future location of this large shopping and leisure complex has a total surface of 14 ha, and the shopping center will feature two levels, with a surface of 28.000 m², whereas the retail park will have a surface of 17.000 m², besides a parking area with 1.940 spaces. Sonae Sierra and Miller Developments have sold the remaining area to Ikea Iberia, for the construction of a 28.000 m² IKEA shop.
Álvaro Portela, Sonae Sierra's CEO, stated: "This new development in Granada reinforces our company's presence in the Spanish market, particularly in Andalusia. The Las Pulianas centre will become a reference for the city of Granada and the entire province".
"We are very happy to work togheter again with our partner Miller Developments and for the first time with IKEA to make sure this new development offers the inhabitants of Granada a modern, attractive space, with an offer suited to their needs."
Phil Miller, CEO of Miller Developments, stated: "Europe is a projection market for Miller Developments, and this development has a great significance for us. We're very happy with our partnership with Sonae Sierra, which has already resulted in finished developments in Sintra and Coimbra, and a third one to be inaugurated next Spring, also in Portugal. The Granada development is our first together in Spain."
Source: Sonae Sierra