Moreover, Sonae Sierra has announced the creation of various investment platforms and various SOCIMI with investments in the acquisition of new assets and the development of commercial projects. In this way, the recent strategic alliance formed with CBRE Global Investors is also involved “in that we are evaluating purchase options in Spain and Portugal and we are hoping to close an important operation between the end of the year and the beginning of 2017”, assures Alexandre Fernandes, Head of Asset Management Europe at Sonae Sierra.
Of the volume of investment in Spain (170 million), 115 are directed towards the enlargement of its centre for Plaza Mayor, in Málaga, where the construction works of a luxury brand shopping outlet will begin at the beginning of 2017, in a project developed together with the US company McArthurGlen. Also, between 15 and 20 million are destined for a new food court in the Shopping Centre of Gran Casa (Zaragoza); 15 million for the remodelling of the Max Centre (Barcaldo, Vizcaya) and 10 million in changes of use in the Luz del Tajo centre in Toledo, confirms Alexandre Fernandes.
Spain is the second European market of Sonae Sierra, where the company currently operates 8 shopping centres, six of them in co-ownership and co-management with third parties. Cristina Santos, Managing Director of Property Management of the company in Iberia defines the strategy for the country along four lines of action: an increase in the number of shopping centres under management; maintain management efficiency in all operations; create new opportunities for operators with new formats and new opportunities for expansion, and to revalue assets by means of renovation, new concepts and changes in use.
2,300 million of investment at the global level
On the global scale, Sonae Sierra has as its objective the increase of its third party services (at present there are 127 third party management contracts) and to invest 2,300 million in the development of new projects in the next five years and to continue the growth in third party service activities, according to CEO Fernando Oliveira.
Among the new activities, can be highlighted a mixed commercial centre with offices, shops and residences in Nuremberg (Germany) with a surface area of 250,000 m2, and an estimated investment of 350 million euros. Also, its first project in Colombia, in the city of Cucuta on the frontier with Venezuela: or projects under way in Bucharest and Morocco. In Portugal, an enlargement of shopping centres in Porto and Lisbon is planned, involving an investment of 170 million euros.