Shopping centre specialist Sonae Sierra has acquired a 50% stake in Balmain Asset Management Group’s Central European platform.
Financial details were not disclosed.
Balmain is a pan-European service provider for retail and leisure properties, which has operated for over 15 years in Poland.
With this acquisition Sonae Sierra said it envisaged 'facilitating significant expansion opportunities into other CEE markets for the new JV entity, Sierra Balmain'.
'We are used to partnerships in new markets, and the opportunity to join Balmain and capitalise on its unique synergies with Sonae Sierra will allow us to grow our business in Poland and other adjacent markets in the future,' said Pedro Caupers, Sonae Sierra's chief investment officer.
The joint venture will primarily focus on the continued expansion of the existing services of Balmain’s Polish portfolio, which already comprises a total of 15 shopping centres in 15 different cities in Poland.
BSC Real Estate Advisors and BSC Property Management, subsidiaries of the Balmain Group, will be renamed in line with the Sierra Balmain brand but will continue to run and be governed separately to the asset management business.
With more than 100 professionals, managing a portfolio worth over €1 bn, including 1,170 leases across more than 430,000 m2 of GLA, the Sierra Balmain joint venture will provide a combination of asset management, property management and leasing services throughout its portfolio.
The new JV will not be a direct investor but will continue to provide services to its client investors.
'We are both delighted and excited to be in this partnership with Sonae Sierra. From the outset of the discussions we sensed the operational synergies and like-minded approach to creating innovative environments for our clients’ real estate investments,' said James Turner, Balmain Group. 'The combined knowledge, resources and capability of Sierra Balmain will bring a new perspective to Poland and the region in the areas that we operate.'
