Previous Next
Sonae Sierra sells €600m in assets’ gross value in 2018
22 March 2019 | Ana Tavares

Last year, Sonae Sierra sold close to €600 million in assets’ gross value in shopping centres «with significant returns». A year during which the net result reached 110 million euro.

Foto

 

In 2018, «Sonae Sierra kept its focus in developing its long-term strategy: capital recycling, growth in its services activity and project development, which resulted in a solid operational performance and a solid level of recycled capital», the company informed in a release.

Sonae Sierra’s EBIT grew 2,8% when compared to the previous year, «reflecting the improvement in its portfolio’s performance in Europe and Brazil, as well as the improvement in the Services sector».

Investimento in expansions, such as NorteShopping, rose to more than 165 million euro. The development of two new outlets in Spain and in Greece and the construction of a new shopping centre in Colombia were some of the projects highlighted in 2018.

On the other hand, Sone Sierra’s European portfolio registered a 2.1% increase in shop sales, when compared to the previous year, with an emphasis on Spain and Romania. The total amount of sales grew 2% when compared to the previous year, «with a significant contribution from Portugal and Spain, markets which grew 3.7% and 3.5%, respectively».

The global occupation rate in Europe was 97.1%, and in Portugal it was 99.1%.

The capital recycling strategy continues

Last year, «Sonae Sierra kept implementing its capital recycling strategy». The creation of a new joint for the acquisition of 3 shopping centres in Spain, for a total of 485 million euro, should be highlighted as well as the acquisition of 18 assets maded by REIT Ores, for a total of 174 million euro.

This strategy should continue this year, «selectively, following a long-term growth strategy for the most mature assets in the Iberian Peninsula and focusing of the strengthning of its international presence».

Sonae Sierra currently has in hands projects such projects as the construction of the McArthurGlen Designer Outlet Malaga, result of a joint venture between McArthurGlen and Sierra Fund and which represents a 140 million euro investment.