Portugal’s Sonae Sierra wants to boost presence in Brazil and study other markets

21 September 2010

Lisbon, Portugal, 21 Sept – The Portuguese shopping centre market is saturated and thus in order to grow Sonae Sierra plans to boost its presence in Brazil and study other markets such as China, said the company’s new chief executive, Fernando Guedes de Oliveira.

Speaking to Portuguese news agency Lusa, Guedes de Oliveira added that the refurbishment market was a possibility for the company’s growth, adding that, for example, in Germany half of the existing shopping centres needed to be restructured, either through modernisation or expansion.

International activities will involve Asia, specifically China, although the CEO of Sonae Sierra said that the Chinese market had yet to be studied.

Guedes de Oliveira said that Brazil’s economic situation would continue to develop favourably and, ”there is still a lot to do in the shopping centre business.”

“We are of the few privileged operators that is in Brazil and we have benefited from that situation,” the chief executive said, noting that Sonae Sierra remained interested in listing its local subsidiary on the Brazilian stock exchange.

In Portugal Sonae Sierra has just one new operation, in Caldas da Rainha, for which it is awaiting a license.

Sonae Sierra, which was founded in Portugal in 1989 is owned by Sonae (Portugal) with a 50 percent stake, and Grosvenor (United Kingdom) with 50 percent, and specializes in building and running shopping centres. It is currently present in Portugal, Spain, Italy, Germany, Greece, Romania, Brazil and Colombia. (macauhub)