Through this new strategic partnership, Sonae Sierra enters the Polish market, «opening the doors to expand into other markets in Eastern Europe», states the company in a release.
Sierra Balmain won’t invest directly in real estate assets, but will offer services, managing a portfolio estimated at more than 1.000 million euro, with 1.150 contracts with shop managers and more than 430.000 sqm total combined area. It will first focus on expanding the services of Balmain’s current portfolio, which already comprises 15 centres in 15 Polish cities. Balmain Group’s subsidiaries, BSC Real Estate Advisors and BSC Property Management, will operate under the name Sierra Balmain.
Pedro Caupers, executive director in charge of Investment at Sonae Sierra, comments that «we are used to having partnerships in new markets and this opportunity to join with Balmain group and capitalize unique synergies with Sonae Sierra, will allow for our business’s future growth in Poland and other adjacent markets. This partnership reinforces our services activity, because it gives us a very interesting client portfolio in Poland, a team with local experience and at the same time it creates a strong basis for future growth in other European countries».
James Turner, executive director for Balmain Group, who will be leading Sierra Balmain, adds that «we are very happy and excited with this partnership with Sonae Sierra. Since the beginning of this negotiation we became aware of the operational synergies and common approach for the creation of innovative environments for our clients’ real estate investments. The combined knowledge, the resources and Sierra Balmain’s ability will bring a new perspective to Poland and to the region in the areas on which we operate».