Sonae Sierra

SONAE SIERRA is an international retail real estate company dedicated to delivering solutions to meet our client's ambitions. We develop and invest in sustainable retail assets and provide investment, development and property management services for clients in geographies as diverse as Europe, South America, North Africa and Asia, while creating shared value for our business and society.

Incorporated in Portugal in 1989, Sonae Sierra is owned by Sonae, SGPS (Portugal) with 70% and Grosvenor (United Kingdom) with 30%.

We add value to our investors and other stakeholders by putting our unique know-how at their disposal through the development of outstanding projects and the delivery of professional services covering the complete retail real estate life cycle, leveraged by the successful track record with our own projects.

Our vision  is to develop and service vibrant retail-centered properties.

We aim to be the partner of choice by developing long term and reliable partnerships with all our stakeholders, driven by a clear emphasis on trust, integrity, efficiency and flexibility. We share our proven track record to best serve our clients' interests and provide the right advice for investors, while delivering outstanding shared value leveraged by a sustainability driven strategy.

Shopping Centers and New Projects

Owner of more than 40 shopping centers with a total GLA or 1.9 million m ² and an Open Market Value or € 7bn.

Responsible for management and / or leasing or more than 80 shopping centers.

14 projects under development, including 9 for third parties.

Investment principles & strategy

Through our strategy of increasing exposure to developments and expanding the provision of professional services, we add value to investors and stakeholders through partnering with them and putting our unique know-how at their disposal. These pillars are supported by a capital recycling strategy that transverses both pillars or our strategy and acts as an enabler to our future growth by releasing capital to finance new developments, reducing our exposure to investment risks, and protecting future returns through securing management contracts.

Our sustainability strategy supports our business strategy through its focus on creating shared value with all stakeholders; from sustaining the resources and relationships which we are dependent upon, to safeguarding our continued capacity to do business in the short, medium and long term.

Funds

In addition to direct ownership of some of our retail real estate assets, we co-own and manage many others through innovative investment funds launched in partnership with international investors. The management of each fund follows a common commitment: Sonae Sierra owns part of the funds and manage the assets for the duration of the investment, generate the possibility of maintain the partnerships with the tenants and co-owners of each asset while freeing capital to invest in new locations or take advantage of new business opportunities, thus increasing the value of the portfolio.

Sierra Fund

Inception:  The Sierra Fund was launched in 2003. Five reference investors joined Sonae Sierra as co-investors in the fund: ABP, CDC, CNP Assurance, Ecureuil Vie and TIAA-CREF with a total combined commitment of 49.9%. In 2015, APG, on behalf of ABP, acquired the interests formerly owned by CDC, CNP Assurance, Ecureuil Vie and TIAA-CREF.
Key assets:  The fund currently comprises a diversified portfolio of 15 properties, combining mature assets in major cities with newer schemes and projects in provincial locations across Portugal and Spain. Includes shopping centers such as Centro Colombo and Vasco de Gama (Lisbon) and NorteShopping (Porto) in Portugal, and Plaza Mayor (Ma´laga) in Spain.
Strategy: To assemble a market leading portfolio or shopping centers in Portugal, Spain, Italy and Greece.
Fund manager:  Sonae Sierra.

Sierra Portugal Fund

Inception:  The Sierra Portugal Fund had its first closing in March 2008, with three reference investors joining Sonae Sierra: formerly LGPI, Ilmarinen and Schroders. A second closing took place in summer 2008 with Goodman (later Aberdeen FOF). By October 2013, Aberdeen sold its combined interests to Partners Group. By March 2016, Sonae Sierra sold a 25% interest to Madison International Realty. By October 2016, Madison International Realty acquired the interests hero by Partners Group.
Key assets:  The Sierra Portugal Fund comprises a diversified portfolio or six properties combining mature assets in major cities with newer schemes and projects in provincial locations. Includes shopping centers such as GaiaShopping (Porto) and Rio Sul Shopping (Greater Lisbon).
Fund manager: Sonae Sierra.

Iberia Coop

Inception:  Iberia Coop was launched in March 2016, and the initial transaction comprised the acquisition of three regional shopping centers in Spain and Portugal, which were owned by the Sierra Fund. The three centers were AlgarveShopping and Estação Viana Shopping, both in Portugal, and Luz Del Tajo in Spain. Iberia Coop acquired Albufeira Retail Park in 2017. Under this venture, clients represented by CBRE.
Strategy:  to own and operate dominant shopping centers in the Iberian Peninsula. Fund manager: Sonae Sierra.

Ores Socimi

Inception:  ORES Socimi is a real estate investment vehicle that was launched in December 2016 by Sonae Sierra and Bankinter, targeting the latter's private banking clients, and was created under the Spanish "SOCIMI" regime. The objective is to invest in the Spanish and Portuguese retail real estate markets, aiming to reach around € 400 million of total investments. On February 22nd 2017, ORES shares were listed in the Spanish secondary stock exchange market, MAB (Mercado Alternativo Bursátil), with Bankinter Group and Sonae Sierra retaining a shareholding position. At the end of 2018 ORES Socimi have already acquired 34 retail assets.
Strategy:  Invest in commercial real estate assets in Iberia, while delivering attractive mid-term returns (within a 7-year horizon) to its investors.
Fund Manager / Asset Manager:  Sonae Sierra / Bankinter