Sonae Sierra strengthens its activity in the Spanish and Italian markets (ES/IT/PT)

Following its international growth strategy, Sonae Sierra, the international shopping center specialist, has just announced the signing of two important letting agreements for third party assets in Spain and Italy.

In Spain, the company has just signed an agreement for the letting of shopping center Parque Guadaíra, in Seville, with Bouygues Inmobiliaria, thus increasing Sonae Sierra's responsibilities in the center, which is under the company's management since 2006. This contract determines that Sonae Sierra is now also responsible for the letting management of the shops available in the venue.

Shopping center Parque Guadaría, inaugurated in 2006, has a gross lettable area (GLA) of 35,000 m². The center is divided in two levels, occupied by shops such as C&A, Markt, Bricomart, Toys 'R' Us, Kiabi, Phone House and McDonald's, and also has 1,200 parking spaces.

During the first eight months of 2010, this Center generated sales of about €44 million, and welcomed more than 2.1 million visits, from a catchment area of 1.4 million inhabitants.

Exclusive letting services in shopping center Le Piazze, Italy
In Italy, Sonae Sierra signed another agreement with Metalmark for the provision of letting services for shopping center Le Piazze, located in Orzinuovi, Italy.

Through this contract, Sonae Sierra will provide letting services for this venue with 30,000 m² of Gross Lettable Area (GLA), including 44 shops, restaurants and bars, open to the public since 2006.

Some of the main brands already present in shopping center Le Piazze are Carrefour, Metalmark, Den Store, Stroili Oro, Yamamay, Casanova and Game Store - to which Sonae Sierra will add new tenants to serve a catchment area of 322,000 inhabitants in the vicinity of this shopping center, located in a strategic area between Milan and Brescia.

"The signing of another two important letting contracts in Spain and Italy shows that our skills are acknowledged in the market, regardless of the geographical location where we operate, and confirms our commitment to the growth of our third party service providing activities in all business areas," states Fernando Guedes de Oliveira, Sonae Sierra's CEO.

"We're certain that we can lend added value to shopping centers Parque Guadaíra (Spain) and Le Piazze (Italy), creating an increasingly attractive destination for visitors, so as to live up to the expectations of these assets' owners," he adds.

Source: Sonae Sierra

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