Sonae Sierra has strengthened its international growth strategy with the acquisition of Unibail-Rodamco-Westfield's (URW REM) shopping centre management unit in Germany. The completion of this transaction also marks a strategic step in the provision of services in Europe's largest retail property market and consolidates the company's position in the country, strengthening its scale and attractiveness to investors.
With 25 years of consolidated presence in Germany, Sonae Sierra now manages a total of 19 shopping centres representing around 1 million sqm of GLA and receiving over 130 million visits annually. The transaction adds around 180 highly experienced professionals to the company's platform, strengthening its ability to create value for investors, tenants and communities.
In total, Sonae Sierra now manages 649 assets in different geographies, with over 3 million sqm of GLA, consolidating its position as one of the leading international real estate management platforms.
Fernando Oliveira, CEO of Sonae Sierra, states that "the closing of this agreement represents a historic milestone for Sonae Sierra and for our international growth strategy. The combination of Sierra's more than 35 years of experience with the know-how of the URW REM team strengthens the company's position as one of the largest players in third-party shopping centre management in Germany and opens up new prospects for attracting investment, international retailers and generating sustainable long-term value."
