Sonae Sierra wants to double net assets in Brazil by 2010

22 March 2007

Porto, Portugal, 22 March – Portuguese group Sonae plans to double the net assets of Sonae Sierra Brasil by 2010, after the company posted net profit of 21.5 million euros in 2006, a company spokesperson said in Porto Tuesday.

Sonae Sierra Brasil is the Brazilian subsidiary of the Sonae Sierra group which specializes in building and running shopping centers.

Amongst the projects presented by the company led by Álvaro Portela for Brazil is the construction of a shopping and leisure center in the Amazonian city of Manaus.

Sonae Sierra Brasil has 8 shopping centers in Brazil – Boavista Shopping, Shopping Campo Limpo, Shopping Penha and Shopping plaza Sul, all in Sao Paulo, Shopping Metrópole in Sao Bernardo do Campo, Tivoli Shopping in Santa Bárbara D’Oeste, Franca Shopping in Franca, as well as Parque D. Pedro in Campinas and Pátio Brasil in Brasilia.

For this year the company expects to open six shopping centers (two in Portugal, two in Spain, one in Italy and one in Germany) and to explore new markets in central Europe.

It also expects to have seven or eight shopping centers under its management in Italy by the end of 2008, four in Germany and three in Greece by 2009.

Sonae Sierra is currently the owner of 43 shopping centers in Portugal, Spain, Italy, Germany, Greece and Brazil. (macauhub)