The sale was agreed in November 2001 but completion was delayed pending a European Comission monopolies investigation, because the purchase means that Sonae controls every one of the major shopping centres in the Porto region: GaiaShopping, Arrabida Shopping, Via Catarina, Norte Shopping and Maia Shopping. The EC cleared the transaction just before Christmas.

Lend Lease and the Global Fund bought the Arrábida Shopping Centre from a local developer in June 1999. In the interim they have introduced leading European retailers into the scheme and rationalising the development potential of the property.

Jim Quille, Chairman of the Lend Lease Global Fund, said: 'When we acquired this asset we saw increased pan-Eurozone institutional investment, which would result in increased capital flowing to quality assets in the more opportunistic markets of the Eurozone. This transaction fulfils our objectives in that we bought the asset from a local developer/owner, used Lend Lease to improve the asset and are selling it to a joint venture, formed by a French institution and a Portuguese company.'