Sonae Sierra
Ticker

Sonae Sierra with another solid operational performance

The Company’s Net Result increased 25% to €19.1 million in the first quarter of 2019.

According to Fernando Guedes de Oliveira, Sonae Sierra’s CEO, “Sonae Sierra delivered another solid operational performance in the first quarter of 2019, as it continued to focus on the execution of its long-term strategy of growing its services and development businesses and of capital recycling”.

Sonae Sierra’s EBIT increased by 9%, reflecting the improved performance of its portfolio in Europe and Brazil, as well as improvements in its Services business. This is particularly noteworthy as the increase in EBIT was affected by Brazilian Real exchange rate fluctuations, and portfolio disposals.

In the first three months of the year, the Company saw its Direct Result rise to €19.6 million, an increase of around 16% compared to the same period in 2018, driven by an improved performance of its asset portfolio, both in terms of rents and tenant sales, and a significant growth in its Services EBIT. Indirect net profit recorded a marginal improvement to -€0.5 million, mainly benefitting from the opening gain of Jardín Plaza Cúcuta.

As of March 31, 2019, Sonae Sierra’s NAV stood at €1.5 billion, a 1.6% increase compared to December 2018, mainly due to the Net Result of the period. Looking ahead, the Company will continue with its selective capital recycling activity whilst committing to the long-term strategic growth of its most dominant flagship assets in Iberia and focus on further strengthening its international presence through services provision activity and new developments.

Sign up for our ACROSS Newsletter. Subscribe to ACROSS Magazine.

Ticker MORE

Ivanhoé Cambridge appointed Audrey Camus as Vice President, Development and Asset Management, Europe

Camus will be responsible for all development projects and asset management activities in key European markets, Germany, France and United Kingdom.

Retail: breathing life into city centers

Win and retain more customers—a major topic at EXPO REAL.

Affinity Outlets bag a slew of new lettings at all four UK centers

Global Mutual, the real estate co-investor and asset manager, has secured a tranche of new lettings across four Affinity Outlets in Staffordshire, Devon, Fleetwood and Sterling Mills.

The Boulevard attracts iconic denim retailer

Levi's is opening at The Boulevard, Northern Ireland, owned by Lotus Property.

CKL appoints new F&B leasing team for Kensington Roof Gardens

P-THREE and Cushman & Wakefield are acting jointly on the 14,511 sq ft space, which spans two floors and is complemented by a 0.6-acre garden.

Real I.S. and MEC rent to TK Maxx in Shopping Cité Baden-Baden

Real I.S. AG and MEC METRO-ECE Centermanagement have leased an approximately 1,500 sq m rental space in the "Shopping Cité" hybrid retail park in Baden-Baden to TK Maxx on a long-term basis. The company has celebrated its opening on August 29, and will be located in a newly created unit next to Media Markt in the future.