Sonae Sierra will develop two new shopping and leisure centers in Italy, located in Biella (between Turin and Milan) and Caselle (Turin). These two developments significantly reinforce the companyâs presence in Italy, one of the strategic markets in the companyâs expansion and internationalization project, which the company has been developing for the past few years.
The two new shopping and leisure centers join the Freccia Rossa, in Brescia, which is already being developed, and the management of three shopping and leisure centers â" the Oriocenter and two other belonging to the Pirelli Group.
Concerning shopping centers under development, Sonae Sierra now totals 150.000mÂ² of Gross Lettable Area (GLA), which represents an already very relevant presence in the transalpine country.
New shopping and leisure centers in Biella, Italy.
The development of the new Center in Biella, scheduled to open in the second semester of 2007, is the result of a partnership with NovaCoop, and should represent an investment of â¬ 72 million. The complex will have a total GLA of 34.675mÂ², including a hypermarket operated by NovaCoop with 13.500 mÂ², which will make this Center the most complete and innovative offer in this region of Italy.
As for the new Center in Caselle (see artist impression), located in an area next to the Turin Airport, itâs a development 100% owned by Sonae Sierra, which involves 85.705 mÂ² of GLA, including a leisure area with a multiplex cinema, besides a hypermarket with 15.300 mÂ². Scheduled to open in the second semester of 2007, the Caselle Centre will be one of the largest in Italy, involving a global investment of â¬ 248 million.
Freccia Rossa, innovation in the heart of Brescia
The first Sonae Sierra development in Italy, in the city of Brescia, will be called Freccia Rossa, to honor the historic âMille Migliaâ car race, which made the city the cradle of motor sports.
The Freccia Rossa promises to bring back to life the allure of the legendary competition, offering an innovative approach to a commercial offer based on fashion, restaurants, cinema, gymnasiums and other leisure activities.
The new Center will have a GLA of 29.000 mÂ² and will be located in the central area of Brescia, operating in a catchment area of about 500 thousand people 30 minutes away by car, with one of the strongest purchasing powers in Italy. It is scheduled to open in the Fall of 2007. This project represents an investment of â¬ 114 million, together with AIG (40%) and Coimpredil (10%), while Sonae Sierra holds 50% of the Center.
Management of the largest shopping center in Italy
Besides the three shopping and leisure centers currently under development, Sonae Sierra has another three shopping centers under management in Italy. One of those centers â" the Oriocenter â" is the largest commercial complex of the country, with 200 shops and nine anchor-shops. The Oriocenter was opened in 1998 and is located in Lombardy, northwestern Italy, being owned by CGI (Germany).
The other two shopping and leisure centers, the 45ÂºN and the Bicocca Village, are owned by the Pirelli Group and are located in Turin and Milan, respectively.
Note: Caselle and Biella are the temporary names of the two projects.
Source: Sonae Sierra