Sonae Sierra to manage and lease The Edge Group's two new shopping centers (PT)

The Edge Group, investment holding of José Luís Pinto Basto and Miguel Pais do Amaral, and Sonae Sierra, international specialist in shopping centers, have just announced a deal for the commercialization and management of Forte Center, in Carnaxide, and Setúbal Center. The construction of both spaces is expected to begin in 2014 and The Edge Group's investment in these two projects represents more than 100 million Euros. Sonae Sierra will be responsible for the commercialization and management of the two Edge Group's shopping centers and the pre-marketing process will be launched already this July.

These investments will create around 400 direct jobs in Carnaxide area and more than 200 in Setúbal area. Besides, a large number of indirect jobs is expected, during the construction, but mainly during the operation phase, namely in the sectors of construction, equipment maintenance, cleaning, green areas maintenance, security, among others.

Sonae Sierra manages more than 70 shopping centers and, in 2012, registered 426 million visits in the shopping centers that it manages. The company is active in 11 countries: Portugal, Spain, Italy, Germany, Greece, Romania, Croatia, Morocco, Algeria, Colombia and Brazil.

José Luís Pinto Basto, CEO of The Edge Group recognizes “the great merits of Sonae Sierra's effort throughout the decades.” And adds: “This partnership gives us extreme confidence in the future. Sonae Sierra is the ideal partner for the management and commercialization of Forte Center and Setúbal Center. They convey us the trust to work together in the future.”

Cristina Santos, Sonae Sierra's responsible for the management of the shopping center's in Portugal, underlines that “this deal proves The Edge's Group trust in the experience and knowledge that Sonae Sierra can bring to the development of its projects. We are going to work enthusiastically with the goal of developing two shopping centers that become the first shopping and leisure choice in their geographical areas.”

Forte Center, located in Avenida do Forte, near the highway connection A5 Linda-a-Velha/Carnaxide, is a multi-purpose project that will integrate a shopping center, a hotel, an office center and a parking area. The space, with 14,000 m², intends to satisfy the daily needs of the resident, corporate and floating population, in an easily accessible area and with extended opening hours.

Setúbal Center, with 20,600 m², will be integrated in the urban area of Setúbal, near the extension access of A12. The objective of the urban center's project is to reinforce the links with the surrounding community and bridge the gap of the inexistence of a space specially reserved for shopping and services.

In a moment that the country is going through a turbulent period, economically, The Edge Group assumes these two projects as winning and facilitating stakes in the surrounding areas.

“We believe these investments are very important for the areas of Carnaxide and Setúbal and reveal The Edge Group's will to continue to invest in Portuguese territory”, states José Luís Pinto Basto.

Source: Sonae Sierra

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