Company plans 10th Brazilian shopping centre
Sonae Sierra has announced plans to build its tenth shopping centre in Brazil.
The development will cost around 67 million euros (£46.8 million) and is due to open in spring 2009.
Building for the Manauara shopping centre is already underway and when finished will cover 43,000 square metres of lettable space.
There will be 262 shops in the shopping complex, creating around 3,000 jobs and serving a population of approximately 1.5 million people.
Manaura is in the northern region of Brazil, which has been tipped as a key area for property investment, due to increasing rental rates and land prices.
Natal in the north-eastern region of Brazil has also been touted for foreign real-estate investment due to its seven-hour flight-link with Lisbon, Portugal.
Developments such as this by Sonae Sierra will help bring further investment to the area and motivate improvements in the region’s infrastructure.
Sonae Sierra is a Portuguese conglomerate which owns 46 shopping centres worldwide in Spain, Italy, Germany, Greece and Romania, as well as Brazil.
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