€60 Million in Financing Enables Expansion of Glicínias Plaza

14 August 2018

The Vougainvest Group, a shopping centre investment company, and the Crédito Agrícola Group, finalised an agreement that provides financing in the amount of 60 million euros, “a decisive step towards our project to upgrade and expand the shopping centre Glicínias Plaza, in Aveiro, with the beginning of construction scheduled for the first quarter of 2019,” Vougainvest announced.

According to the same source, the agreement with the Crédito Agrícola Group was finalised at the end of July.

Regarding the project to upgrade and expand the shopping mall, Vougainvest explained that “it will transform that space into the largest shopping centre in the city”, since “it includes the construction of two new floors, the creation of a children’s playground and improved road access in response to the growing demand for various national and international brands.”

The works are expected to be completed by the end of 2020 and will also provide the mall with 2,000 free parking spaces, 120 shops and a gross leasable area of ​​41,000 square meters (currently, the centre has about 28,000 square meters and 75 stores).

In a press release sent to CONSTRUIR, the Group recalls that Glicínias has been in operation for almost 19 years is visited by an average of 23,000 people per day.

In addition to the Glicínias Plaza, the Vougainvest Group owns the Foz Plaza shopping mall in Figueira da Foz, whose restaurant area has also recently been refurbished. The two shopping centres are managed by the group, through the company LBM – Le Brion Management.

Original Story: Construir

Translation: Richard Turner