Real estate group Sonae Sierra has acquired Unibail-Rodamco-Westfield’s German shopping-centre management business.
Headquartered in Düsseldorf, Unibail-Rodamco-Westfield Real Estate Management (URW REM) manages a portfolio of 12 shopping centres, across than 680,000sqm of gross lettable area.
The deal will expand Sonae Sierra’s European portfolio to over 60 shopping centres across Europe and extend its network of shopping centre management specialists to over 600 people.
Sonae Sierra said the deal emphasised its long-term commitment to the retail sector and, in particular, third-party shopping centre management.
Fernando Oliveira, CEO of Sonae Sierra, said: “This agreement is an important milestone in our international growth journey. We are committed to the German market and in expanding our local presence.
“By bringing together Sonae Sierra’s expertise with the recognised capabilities of URW REM’s management team and staff, we will continue to further support the sustainable development of shopping centres, ensuring value creation for communities, tenants, partners and investors alike.”
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