Portuguese shopping centre developer Sonae Sierra announced on Tuesday that 95% of the gross lettable area of its new German development - the LOOP5 shopping and leisure centre in Weiterstadt - is already let. The mall is scheduled to open on October 9, 2009.
Portuguese shopping centre developer Sonae Sierra announced on Tuesday that 95% of the gross lettable area of its new German development - the LOOP5 shopping and leisure centre in Weiterstadt - is already let. The mall is scheduled to open on October 9, 2009.
The new mall will comprise 177 shops and restaurants including leading international and national brands such as Peek & Cloppenburg, C&A, H&M and Saturnas as well as local tenants. Owned and developed by Sonae Sierra (50%) and Foncière Euris (50%) the LOOP5 shopping centre represents an investment of EUR 265 mln and will create 1,000 jobs, the Lison-based company said.
'The opening of LOOP5 is a significant milestone in our German market growth,' noted Álvaro Portela, CEO of Sonae Sierra. 'All Sonae Sierra centres provide a fascinating shopping and leisure experience and I am sure that LOOP5 - with its innovative concept - will also be a major success.'
Aviation will be the central topic of LOOP5. Weiterstadt is close to Frankfurt Airport and nearby Darmstadt is home to the control centre of the European Space Agency, ESA. LOOP5 is being constructed according to the company's Environmental Management System (EMS) and the construction phase was certified in accordance with the ISO 14001 environmental standard.
Foncière Euris is a French stock exchange-listed company specialising in the development of shopping and leisure centres in Europe. The corporation forms alliances with top developers and invests in major projects that help urban regeneration. Foncière Euris is part of the Euris Group controlled by Jean-Charles Naouri. Foncière Euris also owns the Casino Group, France’s second-largest stock exchange-listed retail chain.
Sonae Sierra owns 51 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil with a GLA of more than 1.9 million m2. Currently, the company is developing 13 further projects and has 11 new projects in various phases of completion with a GLA of 1.1 million m2. In 2008, the company’s shopping centres registered more than 429 million visits.
