May 11, 2015
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Sonae Sierra benefits from recovery of primary markets

May 11, 2015

The Portuguese shopping centre specialist, Sonae Sierra, generated a net profit of 12.6 million euros in first quarter of 2015, or +7% compared to the 11.8 million euros it recorded during the same period last year. According to the company, the success was due to the company’s international development, in particular thanks to the signing of new third-party shopping centre management contracts.

The Vasco da Gama shopping centre in Lisbon, which is owned by Sonae Sierra. - Foto: DR

Sales across its European shopping centres grew by 4% compared to 2014, with particularly notable increases in Portugal (4.6%) and Italy (6.3%). In Brazil, the company continued its positive momentum with 9.6% growth (in Brazilian reais) compared to the same period in 2014.

The positive results were partly due to improved economic conditions in the markets in which Sonae operates. Thus, the average occupancy rate at Sonae’s shopping centres increased compared to 2014, reaching 95.8% as compared to 94.6% during the previous period. 

During its first quarter, Sonae Sierra signed three new shopping centre management contracts in Germany, where it now operates eight centres. In addition, the company invested 8 million euros in renovating its Vasco da Gama centre in Lisbon. 

The Portuguese company owns 46 shopping centres in 14 countries that are valued on the market at 6 billion euros. It operates 88 global business centres that welcomed over 440 million visitors in 2014.

€1 = $1.12/£0.72

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