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Sonae Sierra reached over 180 million Euro net profit in 2016

Sonae Sierra, the international property company dedicated to dedicated to retail real estate development, recorded a net profit of 181 million Euro in 2016, compared to 142 millione Euro in 2015, a press release shows.

2017-03-13 16:23:55

"Very good operating results in 2016 show the quality of our shopping centers where there have been increases in total sales of tenants and occupancy rates," said Fernando Guedes Oliveira, CEO of Sonae Sierra. "The opening of ParkLake in Romania was a success and we have two other project developments in Morocco and Colombia as co-owners and some other expansion projects in Portugal and Spain. We are in an excellent position at the beginning of 2017."

September 2016 marked the successful opening of ParkLake shopping center in Bucharest. Representing an investment in partnership with Caelum Development, worth 180 million Euro, the project was completed on time and within budget, with over 97 per cent of GLA already contracted at the time of opening.

Sonae Sierra operates through 13 corporate offices providing services to countries as diverse as Portugal, Germany, Algeria, Brazil, Columbia, Spain, Slovakia, Greece, Italy, Morocco, Romania, Russia, Tunisia and Turkey. Sonae Sierra owns 45 shopping centres with an Open Market Value of six billion Euro, and manages/leases 81 shopping centres with a gross lettable area (GLA) of 2.3 million sqm and about 9,000 tenants.



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