Sonae Sierra signs letting deals in Spain and Italy

Sonae Sierra, the international shopping centre specialist, has announced the signing of two important letting agreements for third party assets in Spain and Italy.

In Spain, Sonae Sierra signed an agreement for the letting of the 35,000-m² Parque Guadaíra shopping centre, in Seville, with Bouygues Inmobiliaria. This increases Sonae Sierra’s responsibilities in the centre, which is under the company's management since 2006.

The contract specifies that Sonae Sierra is now also responsible for the letting management of the shops available in the venue.

Parque Guadaría, inaugurated in 2006, 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 makes available 1,200 parking spaces.

During the first eight months of 2010, the centre generated sales of about EUR 44 mln, and attracted more than 2.1 million visits, from a catchment area
of 1.4 million inhabitants.

In Italy, Sonae Sierra signed another agreement with Metalmark to provide letting services for Le Piazze shopping centre, located in Orzinuovi.

Sonae Sierra will provide letting services for this 30,000-m² centre that comprises 44 shops as well as restaurants and bars. It opened in 2006.

'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,' said Sonae Sierra CEO Fernando Guedes de Oliveira.