Major investment will take in Southern Spain with the company's net profit rising by 25% this trimester.
Sonae Sierra aims to expand its real estate portfolio outside of Portugal, having in action an ambitious investment plan of 260 million euros. This plan will be aiming at opening new shopping centres and improving others that already exist until 2020.
The company currently owns 42 shopping centres all across the world and it is estimated to worth 7 Bn€, adding to the 92 real estate assets that are under its management.
This new plan that was announced has, like every plan, a jewel in the crown, which is the McArthurGlen Designer Outlet in South of Spain and it will be an investment of 140 M€ “This will be the first outlet in southern Spain and it will count with 30 thousand square meters of smal business administration.”, explained Cristina Santos, Sonae Sierra’s head of property management, to EcoNews.
Sonae Sierra was incorporated in 1989 in Sonae group, 70% of which is owned by the Portuguese Sonae and the remaining 30% by the British Grovesnor Group Limited. On the first trimester of the year, Sonae Sierra saw its net profit rising by 25% to 19.1M€ as well as its EBIT rising by 9% to 29.3€, which the company believes it “reflects a better performance of (Sonae Sierra’s)portfolio in Europe and in Brazil”.