Portuguese shopping centre developer Sonae Sierra recorded a net loss of EUR 198 mln in 2008 compared with a profit of EUR 300 mln in 2007. The losses were mostly due to 'successive increases in market capitalisation yields in Europe, particularly in Portugal and Spain,' the company said.
Portuguese shopping centre developer Sonae Sierra recorded a net loss of EUR 198 mln in 2008 compared with a profit of EUR 300 mln in 2007. The losses were mostly due to 'successive increases in market capitalisation yields in Europe, particularly in Portugal and Spain,' the company said.
During 2008, the group consolidated its expansion and internationalisation strategy, and closed the year with a portfolio of 50 shopping centres in operation across seven countries, with a total Gross Lettable Area of about 2 million m2. Net Asset Value amounted to EUR 1.4 bn at the end of 2008, a 18% drop on 2007's figure of EUR 1.7 bn.
