June 27th 2002
Continuing its internationalisation strategy
Sonae Imobiliária presents Avenida M40
Sonae Imobiliária and Grupo Eroski have presented yesterday in Madrid, to 120 potential shopkeepers and 30 journalists the Shopping and Leisure Centre Avenida M40, which is scheduled to open in next year's spring. The project represents an investment of €103 million, split between Sonae Imobiliária [60%] and Grupo Eroski [40%], and the centre's management will be Sonae Imobiliária's responsibility.
Located by the M40, one of the main itineraries around Madrid, and only 15 minutes away from the city, the centre will have a gross lettable area of 46.000 m2 set in a built-surface of 155.000 m2, with 2.500 parking spaces.
Serving a population of over 1 million inhabitants 30 minutes away, the M40 will have 150 shops and several anchor-shops, among which the 15.000 m2 Eroski hypermarket, the 12 Yelmo Cineplex cinemas and the sports articles shop Forum stand out.
Internationalisation Strategy
Sonae Imobiliária's internationalisation continues in good rhythm, developing 13 projects in Spain, Greece, Germany, Austria, Italy and Brazil. Overall, Sonae Imobiliária is currently managing 4.438 lease contracts and 1.260.000 m2 of gross lettable area in Portugal, Spain and Brazil.
In Spain, Sonae Imobiliária has initiated its activity in 1999 through its subsidiary CCC, and currently manages 150.000 m2 of gross lettable area and 226 lease contracts. Avenida M40 is part of an important project portfolio, formed by Plaza Mayor, the first leisure centre in Malaga inaugurated last April, 25% of the Parque Principado Centre in Oviedo, and the Toledo Shopping, currently in the licensing stage.