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Sonae Sierra, ING Real Estate plan to invest 31 mln eur on Colombo mall


Published : Fri, 14 Sep 2007 12:41
By : Agencies
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LISBON (Thomson Financial) - Sonae Sierra, the real estate unit of Sonae SGPS, said it plans to invest 31 mln eur in renovating its Lisbon flagship, Colombo shopping centre, which it owns in a joint venture with ING Real Estate.

In a statement, the company said the renovation works will be completed by November 2008.

Sonae Sierra said Colombo is worth 816.5 mln eur on the open market. Last year, it attracted 26 mln visitors who spent a total of 451.6 mln eur in its shops.

The shopping centre was opened in 1997, with an initial investment of 380 mln eur.

chico.laxmidas@thomson.com

lm/ejb

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