317
317

Sonae Sierra Invests €26m in the Renovation of Lisbon Shopping Centres

7 June 2018

Sonae Sierra has just completed the renovation of the CascaiShopping and Vasco da Gama shopping centres in the region of Lisbon, investing a total of around 26 million euros.

The company invested 14 million euros in the renovation of CascaiShopping, stemming from the need for a major intervention to update the centre with a more contemporary image in line with a contemporary lifestyle while preserving its original character. The mall has 198 stores and an occupancy rate of 99.5%, including the new stores the Flying Tiger and Rima stationery. As Quatro Patas, Bairro Arte and the Alcoitão Drug Store increased their areas, while five other stores were repositioned. Brands such as the Loja do Gato Preto, Stefanel and André Ópticas remodelled their stores as well.

In Vasco da Gama, the construction involved an investment of 12 million euros in improving the public experience when visiting the mall. The shopping centre was updated with a new concept of architecture and design inspired by large cruise ships. The 2nd-floor food court now features a lounge terrace and more seating. The 3rd-floor terrace has also been renovated, in addition to other public areas and a car park.

18 new stores were also inaugurated, including Calvin Klein, Lion of Porches, Vans, Labrador, Caroll and Hush Puppies, and new restaurant-concepts such as the Talho do Mercado, La Rotisserie and Amorino. The mall has 165 stores and 100% occupation.

Fernando Guedes de Oliveira, the CEO of Sonae Sierra, said in a statement that “investment in renovation projects in the shopping centres we run is proof of our commitment to increase our portfolios’ worth.” The executive believes that this is a way to “keep up with the most current trends to keep the centres attractive, unique and modern for visitors and store owners, increasing the quality of our assets and the shopping experience.”

Original Story: Vida Imobiliária – Ana Tavares

Translation: Richard Turner