|
Providing specialised trade and leisure
facilities, together,
an undertaking of innovative characteristics
Investments
The principal investment projects incurred
delays due to technical and economic configuration and the necessary
operations licenses. Mundicenter took advantage of this circumstance
to reevaluate ongoing projects.
|
|
|
|
The status of ongoing projects
is the following:
- Spacio Shopping
It´s a pioneer project in Portugal: the result of the
total reformulation of the Olivais Shopping Center.
The renovation will be concluded until the end of 1st
quarter 2009.
- Campo de Ourique
Mundicenter completed the acquisition of land in the Amoreiras zone, adjacent to another already owned by the Group, with the purpose of advancing with the construction of a building for broadening the influence zone of the Amoreiras Shopping Center.
- Other Investments
In the shopping centers some maintenance and/or improvement investments were made. The interior of the Amoreiras Shopping Center will be renovated.
- Braga Parque – 3rd Expansion Stage
One of the Mundicenter Group’s main investments over
the two next years will be the 3rd Expansion Stage
of the Braga Parque, which is expected to open in
the last trimester of 2009.
The expansion will allow for the creating more
14.800 m2 of GLA (Gross Leasable Area) becoming the
biggest shopping centre of the Mundicenter Group,
with a total of 47.800 m2, in a total investment of
71 million euro.
 |
|
|
| |
Outlook for 2009
Even within the foreseen context of severe
and prolonged recession of the domestic economy, various shopping
complexes are expected to open in the Greater Lisbon area within the
next few years , leading to an increase in GLA (Gross Lettable Area).
Therefore, the Group will be subject to increased economic and
financial pressure.
These are surely the biggest challenges the Group must face and
overcome in 2009.
|
|
|
|
Given that the shopping centre
business is now a mature business, emergence of several
large-scale units essentially concentrated in the
Greater Lisbon area leads to an increase in competition
levels, resulting in significant reductions in return on
new investments and increases in risks associated to
existing operations. In this sense, the Mundicenter
Group will continue to follow the guidelines below, in a
persistent and optimistic manner:
a) Improvement of management
conditions in existing units, with a view to
providing added value to users/customers;
b) More effective and efficient use of available
resources;
c) Study and implementation of extension, adaptation
and/or transformation of existing units, ensuring
adequate returns;
d) Careful analysis of new business opportunities;
Mundicenter’s organisational and
functional structure fulfils the necessary conditions to
meet existing challenges, remaining sufficiently
flexible to respond to future challenges. The Group
intends to improve teamwork and provide a warm and
healthy company environment.
|
|
|
| |
Conclusions
Regarding currently operating Shopping
Centres, Mundicenter will continue to focus its efforts on quality
and safety, while continuously monitoring cost control and user and
customer satisfaction.
Mundicenter has a series of investments planned for 2009 and
subsequent years, such as renovation/refurbishment of the Amoreiras
Shopping Centre, conclusion of the 3rd stage of Braga Parque and
conclusion of refurbishment works at the Olivais/Spacio Shopping
Centre. |
