Sonae Sierra said on Friday it is to refurbish Lisbon's Centro Colombo, a shopping and leisure centre which was developed in a 50/50 joint venture with ING RE. Representing an investment of EUR 31 mln, the refurbishment project will continue through to November 2008. The centre, which opened in September 1997, will remain fully operational during the refurbishment, the company said.
Sonae Sierra said on Friday it is to refurbish Lisbon's Centro Colombo, a shopping and leisure centre which was developed in a 50/50 joint venture with ING RE. Representing an investment of EUR 31 mln, the refurbishment project will continue through to November 2008. The centre, which opened in September 1997, will remain fully operational during the refurbishment, the company said.
In parallel, Sonae Sierra said that the original project of the Centro Colombo will finally be completed with the construction of the two office towers. 'It's not about building a new Centro Colombo - the current space is highly profitable and attractive. It's an intervention to further improve the centre, making it more modern and attractive, with the most up to date technological solutions, and conditions that are a better match for the clients' new tastes, trends and needs,' said Álvaro Portela, ceo of Sonae Sierra.
Centro Colombo, a development with more than 408.000 m2 of construction area and nearly 120,000 m2 of Gross Lettable Area (GLA), features 413 shops on three levels, for a total investment of EUR 380 mln. Its open market value is estimated at EUR 816 mln.
