Portugal-based international shopping centre developer Sonae Sierra has announced consolidated net profit for the first half of 2007 of EUR 163.7 mln, up 17% on the same period last year. A number of recent acquisitions of new shopping centres greatly influenced the company's results, together with an increase in value of its portfolio resulting from decreasing yields in Portugal, Spain, Italy and Brazil.
Portugal-based international shopping centre developer Sonae Sierra has announced consolidated net profit for the first half of 2007 of EUR 163.7 mln, up 17% on the same period last year. A number of recent acquisitions of new shopping centres greatly influenced the company's results, together with an increase in value of its portfolio resulting from decreasing yields in Portugal, Spain, Italy and Brazil.
Sonae Sierra has already been very active this year, and it is continuing to develop projects in various phases of execution. In Portugal, for example, the 8ª Avenida shopping and leisure centre in S. João da Madeira is nearing completion and now has an opening date scheduled for 27 September, and in Germany Berlin's Alexa centre is due to open on 12 September. Meanwhile the El Rosal mall in Ponferrada, Spain, is set to open on 23 October and the Freccia Rossa centre in Brescia, Italy is expected to open in spring next year.
