Involving 5 shopping and leisure centers in Spain
SONAE IMOBILIÁRIA AND ING REAL ESTATE AGREE ON A NEW JOINT VENTURE
ING Real Estate Asset Management and Sonae Imobiliária have reached an agreement to set-up a 50/50 joint-venture arrangement to jointly own and manage the following retail real estate assets: Gran Casa in Zaragoza, Kareaga and its leisure extension Baliak in Barakaldo (Vizcaya), Valle Real in Camargo (Cantabria), La Farga in Hospitalet (Barcelona) and Zubiarte in Bilbao.
These assets represent a total GLA of 226.700 m2 and include around 665 shop units. Sonae Imobiliária's total investment was € 137 million.
ING Real Estate Asset Management and Sonae Imobiliária will jointly carry out the management of the shopping centres.
ING Real Estate Asset Management and Sonae Imobiliária are partners since 1993 when they set-up their first Joint Venture to develop Viacatarina in Porto, Portugal. Today both companies are still co-owners of this Shopping Centre and are also co-owners of Centro Colombo in Lisboa, Portugal. This new joint venture extends their long existing collaboration and leverages on both Groups past fruitful relationships.
Completion of the transaction is subject to applicable regulatory authorisation and clearances, namely from the EU Commission.
With this agreement Sonae Imobiliária increases is property portfolio in Spain from 2 shopping centres, Parque Principado and Plaza Mayor, to 7 shopping centres and the total GLA under management in Spain grows from 199.000 m2 to 425.700 m2.
Maia, July 31st, 2002
Corporate Communication contact person: Mr. Tiago Vidal at Sonae Imobiliária, Lisboa:
Telephone:+351 21 751 5089
e-mail: tmvidal@sonae.pt
Shopping centres' technical information:
Gran Casa
Location Zaragoza
GLA 79.000 m2
Parking spaces 2.500
Total shops 172
Opening Date 1997
Kareaga. Baliak
Location Bilbao
GLA 59.400 m2
Parking spaces 4.150
Total shops 188
Opening Date 1994 and 2002
Valle Real
Location Santander
GLA 47.100 m2
Parking spaces 2.800
Total shops 107
Opening Date 1994
La Farga en L' Hospitalet
Location Barcelona
GLA 19.600 m2
Parking spaces 1.148
Total shops 128
Opening Date 1996
Zubiarte
Location Bilbao
GLA 21.600
Parking spaces 1.000
Total shops 70
Estimated Opening Date May 2004