Portuguese mall operator Sonae Sierra is to invest in China through a joint venture with Chinese alternative investment firm Citic Capital.
Portuguese mall operator Sonae Sierra is to invest in China through a joint venture with Chinese alternative investment firm Citic Capital.
The JV will offer management and leasing services to malls in China, which is currently the world's second-largest retail market after the US, with sales of consumer goods totalling €2.4 tln per year.
‘Retail growth in China has been unprecedented and rapid, driven by the country's urbanisation, strong economic growth and the rising need for unique shopping experiences and services,’ said Haitao Zhang, Citic Capital's president.
Fernando de Oliveira, Sonae Sierra’s CEO, said: ‘The Chinese economy is one of the main economic drivers in this century and the expected growth of its internal market will strengthen this even more.’
Sonae Sierra is extending its portfolio outside Europe, and in February announced leasing and management deals covering 170,000 m2 in Morocco. It also has a presence in Azerbaijan, Algeria, Colombia and Brazil.
Citic was founded in 2002 and manages more than €3 bn of diverse assets.
The name and size of the JV were not immediately available.
