According to the company, this decrease is especially due to partial disposal carried out throughout the year of the Loop5 (Germany), and Luz del Tajo (Spain), AlgarveShopping and Estação Viana Shopping (Portugal) shopping centres, along with the reduction in participation in the Sierra Portugal Fund, which ended up being compensated in part by the opening of the new Park Lake, in Romania.
On the other hand, the direct result recorded was of 15.1 million euros, 2% more than last year, whilst the total EBIT total came to 25 million euros.
During this time, Iberia Coop, the fund in which Sonae Sierra holds a 10% share, acquired 2 assets in Portugal, namely the Albufeira Retail Park and the Continente hypermarket in AlgarveShopping, acquisitions of which the process was initiated by the ORES Socimi, joined by Bankinter and Sonae Sierra, who also acquired two Forum Sport stores in Spain.
Fernando Guedes de Oliveira, CEO of Sonae Sierra, explained in a release that, “The centres in development are progressing at a good rhythm and the strategy for the recycling of capital continues to boost new growth opportunities, including the first acquisitions by the ORES Socimi.”
There was a positive note for the sales of the store holders of the firm’s portfolio, growing 4% compared to the previous period, and 4.6% in Brazil. In Europe, the rise was 3.8%, and in Portugal and Spain sales went up by 3.9% and 0.4% respectively.
The occupation rate of Sonae Sierra’s global portfolio reached 96.3% in the first three months of the year, compared to 95% the previous year. In Europe it was 97%. Rents have already risen 7.8% in Europe, boosted by the opening of ParkLake.
The CEO also believed that, “The increase in shop sales, rents and occupancy rates in the first three months of the year is a reflection of successful management and the quality of the company’s shopping centres.”