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Sonae Sierra invests €343M to expand three shopping centres in Iberia
14 May 2019 | Fernanda Cerqueira | Vanessa Sousa

The expansion of three shopping centres in Iberia is Sonae Sierra’s plan for the next few years. In these projects alone the company specialized in retail assets expects to invest 343 million euro.

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Two of these expansion projects will be developed in Portugal. One at the Colombo Shopping Centre, in Lisbon and the other at NorteShopping, in Porto.

At the Colombo Shopping Centre, a project to build a new 9 floor tower is already under way. It concerns a «new 33.000 sqm office building and a further 10.500 sqm GLA expansion at the Colombo Shopping Centre in a 151 million euro investment», informed Sonae Sierra’s CEO, Fernando Guedes de Oliveira, during the company’s annual meeting with the press.

The expansion of NorteShopping’s commercial structure will increase its GLA in 13.000 sqm. According to Sonae Sierra’s CEO, NorteShopping’s expansion works will require a 77 million euro investment and «should be finished by the second semester of 2020».

In Spain it is the McArthur Designer Outlet in Malaga that will be expanded. The company’s press release reveals that in this project alone Sonae Sierra together with McArthurGlen, expect to invest 115 million euro. During this year’s second semester, 30.000 sqm GLA, 100 shops and 1.200 parking spaces will be made available to the public.

€38M more to renew shopping centres in Spain

Also, in Spain, Sonae Sierra will invest in renewing its shopping centres, in order to reach «a continuous added value investment» for its assets, it can be read in the release.

The project for the Max Center shopping centre in Bilbao, represents a 20 million euro investment and includes «the full renewal of the inside and outside of the shopping centre in order to adapt the space and the commercial offer to the latest trends and to create an identity, making the shopping centre more relevant to its visitors», mentions the same document.

The company should also spend 16 million euro to renew and expand the Plaza Maior shopping centre, by adding 70 new shops to its current 100. It should also spend 2 million euro in the construction of a new restaurant area and concept at the Luz del Tajo shopping centre.

These shopping centres are part of Sonae Sierra’s current portfolio which includes 42 assets of this type, estimated at 7 billion euro, according to the latest data made available by the company.