During the first nine months of 2022, Sierra has grown and diversified its portfolio of assets under management in Europe and Morocco. In total, the company signed 23 new contracts, eleven for property management services and twelve for leasing. The services are provided for institutional and private investors.
With more than three decades of experience in property management services, Sierra is focused on international growth. The range of services offered includes various real estate classes. Since the beginning of the year, the Property Management Services division has recorded significant growth in Germany, Spain, Italy, Poland, Portugal, Morocco and Kosovo.
Cristina Santos, Executive Director of Property Management at Sierra, says: “We are very pleased with the significant increase in service contracts in the first quarter of the year. This not only strengthens our position as manager and lessor of shopping centers and retail parks. At the same time, we are showing that we are entering other asset classes such as mixed-use buildings and office properties, entering new markets and winning new clients.”
One property that Sonae Sierra has recently taken on to manage is the Atrium Saldanha in Portugal. The mixed-use building is home to one of the most important office locations in the country as well as a large retail space.
In Spain, Sierra has been responsible for the leasing of Breogán Park in La Coruña since September, the country’s largest retail and mixed-use project under development with more than 60,000 square meters of GLA. In Germany, the company took over the management of the Europa-Galerie in Saarbrücken. Sonae Sierra manages a portfolio of seven properties on the German market. Another important contract was the leasing of the Vulcano shopping center, which is located in the greater Milan area (Italy) and includes around 160 shops.
Aeria Mall in Casablanca (Morocco) is one of the assets belonging to the real estate portfolio managed by Sierra outside Europe. Here the company is responsible for management and leasing. In Morocco, Sonae Sierra manages a diversified portfolio of three shopping centers as part of its property management services and has three lease contracts for three other diverse properties, including one of the main train stations in Rabat.
Also, during the period under review, Sierra signed a contract for the Prishtina Mall, which includes a wide range of services. Located in the capital of Kosovo, the mall is expected to be the largest shopping center in Southeast Europe with a gross rental area of 115,000 square meters and around 235 shops.
More than 2.4 million square meters with over 125 assets under management
Today, Sierra manages a diversified portfolio of real estate properties, showing a wide variety of locations and typologies. In 2022, the occupancy rate in the shopping centers managed by the company in Europe and Morocco was 97 percent. This result proves how robust and agile the management is after the recent wave of the pandemic. Sierra is also responsible for managing 6,000 leases totaling approximately 2.4 million square meters of leasable space in Europe and Morocco.
“We will continue to ensure unique multichannel experiences in our managed objects and thus create added value for consumers, retailers and business partners. Sustainability always plays an important role. It is a fundamental part of our DNA and is becoming increasingly important for our clients. In a In an ever-changing world, sustainability is a priority for us, and our teams look for the best and most tailored solutions to the needs of clients and investors across the different geographies in which we operate,” adds Cristina Santos, Executive Director of Property Management at Sierra .
