Sonae Sierra and Rockspring Property Investment Managers Ltd, on behalf of its client, the PanEuropean Property Limited Partnership, have agreed with Athienitis Contractors Developers Ltd, the current owner of the property, the acquisition of a site for the development of Larissa's largest shopping center.
Sonae Sierra, which possesses extensive shopping mall development experience in the international and Greek markets, will provide the technical know-how and management of the new shopping center. Sonae Sierra and European Fund Manager Rockspring's open-ended Limited Partnership-client, PanEuropean, which is already the co-owner with Sonae Sierra of three shopping centers in Portugal, will each hold a 50% interest in the Larissa project.
The two partners intend to develop an innovative Shopping and Leisure Centre, with a GLA of 15.684 m². The property is to be located on the east side of the old national highway, 1.5 km from the city center and will serve a total population of 126,000 inhabitants.
Representing a total investment of €48.5 million, the Larissa shopping center will represent a unique additional provision for the residents of Larissa, offering retail, cultural, commercial and entertainment facilities, all in one venue. The development will embody Sonae Sierra's characteristically imaginative approach in terms of architecture, marketing and environment. There will be on-site parking provision for 784 vehicles.
Construction works on the Larissa shopping center have already commenced. The shopping center is scheduled to open in late Autumn 2007.
Source: Sonae Sierra