Sonae Sierra gets five new malls in Algeria and Turkey

  • ECO News
  • 6 February 2018

Sonae Sierra is increasing its services provider portfolio. In one go, the company got five new spaces under the management and commercialization in Algeria and Turkey.

After a series of sales in the Iberian peninsula, Sonae Sierra continues expanding their activities as a services provider. The company, headed by Fernando Guedes de Oliveira, announced they expanded their services activity in Algeria and Turkey.

In Turkey, the company signed new managing and commercialization agreements, adding three malls to their current portfolio. In total, in that country, Sonae Sierra is responsible for managing six malls, adding the commercialization of a project in the city of Izmir, still being developed.

In Algeria, Sonae Sierra will manage a new two stories mall with restaurants and 900 parking spaces, totaling 16,000 square meters Gross Lettable Area. The city of Oran will be receiving the investment.

“Our team’s experience and the success of our projects allow us to provide specialized management services and present unique and innovative solutions. This has contributed to boost trust in our ability to meet investors’ expectations”, Managing Director of Sonae Sierra’s Malls to Europe, Middle East and Asia, Alberto Bravo, stated in a press release.

In the past few months, Sonae Sierra sold, in Portugal, several malls: Maiahopping, GuimarãeShopping, Albufeira Shopping and the Continente Mall of Portimão; in Spain, it sold Gran Casa, Max Center and Valle Real.. Since it is one of the largest players in the moment, the company confirms that recycling capital has been a part of their strategy.