Sierra increases its portfolio of assets in Europe and Morocco

Sierra increases its portfolio of assets in Europe and Morocco

So far this year, Sonae Sierra has continued to increase and diversify its portfolio of assets under management, not only in Europe, but also in Morocco. In the first nine months of 2022, the company has signed 23 new contracts, of which 11 correspond to the Property Management area, while the other 12 are marketing, serving different client profiles, from institutional to private investors. Since the beginning of the year, the growth in the provision of Property Management services has been reflected in countries such as Germany, Spain, Italy, Poland, Portugal, Morocco and Kosovo.

Cristina Santos, Executive Director of Sierra's Property Management area, states: "We are very pleased with the significant increase in new service contracts obtained in these first 9 months of the year, in addition to strengthening our position as managers and commercial agents of Shopping Centres and Commercial Parks, we highlight the entry into new types of assets, such as mixed-use buildings and office marketing, as well as the expansion of our business to new countries, with the acquisition of new clients".

One of the assets recently added to the management portfolio is Atrium Saldanha, an emblematic mixed-use building and one of the most important office centres in Portugal with a significant commercial component.

In Spain, since September, Sierra is responsible for the commercialisation of Breogán Park in Coruña, the largest commercial and mixed-use park project under development in the country, with more than 60,000 sqm of GLA.



The company has started managing the Europa Galerie in Saarbrücken, Germany. A country in which it has a portfolio of seven assets under management. Another important contract is the marketing services contract for the Vulcano centre in Italy, located in the metropolitan area of Milan, which has around 160 shops.

Outside Europe, among the assets incorporated into the management portfolio, Aeria Mall in Casablanca stands out, for which Sierra is responsible for its management and marketing. In Morocco, the company manages a diversified portfolio with three shopping centres under management and three other marketing contracts for different assets, including one of the main train stations in Rabat.

Finally, during this period, Sierra has started operating in a new market, Kosovo, where the company has signed a contract to provide a wide range of services with Prishtina Mall. Located in the capital, it is expected to be the largest shopping centre in South East Europe with 115,000 sqm of GLA and around 235 shops.

Over 2.4 million sqm, with more than 125 assets under management

Sierra currently manages a diverse portfolio of real estate assets in terms of geography and typology. During the year, the occupancy rate of the shopping centres managed by the company in Europe and Morocco remained at 97%. This figure reflects a resilient and agile management after a period marked by the pandemic.

In addition, Sierra is also responsible for managing 6,000 marketing contracts covering approximately 2.4 million sqm of GLA (Gross Lettable Area) in Europe and Morocco.

"We are committed to continuing to create differentiated, multi-channel experiences in our assets under management that create value for all; consumers, retailers and partners. This is without forgetting sustainability, a fundamental part of our DNA and a concern of our clients. This is one of our priorities in this constantly evolving world, which drives our teams to look for best practices to provide the best answers to the needs of our clients and investors in the different geographies where we are," adds the CEO.

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