Portuguese shopping centre specialist Sonae Sierra has sold its LeiriaShopping complex in Portugal to its Sierra Portugal Fund for EUR 92 mln. Following the transaction, Sonae Sierra's interest in SPF has increased to approximately 47.5%.
Portuguese shopping centre specialist Sonae Sierra has sold its LeiriaShopping complex in Portugal to its Sierra Portugal Fund for EUR 92 mln. Following the transaction, Sonae Sierra's interest in SPF has increased to approximately 47.5%.
Sonae Sierra made the announcement at the presentations of its Q3 earnings on Thursday. 'This transaction reinforces the company's goal of increasing its asset management activity, while leveraging its investments through long term partnerships,' the company said in a press statement.
SPF was seeded in 2008 with eight shopping centres located in Portugal. The latest addition brings the total to nine.
Sonae Sierra announced last week that net profit surged 116% to EUR 14.9 mln in Q3 2010 compared to the same period last year. The increase was mainly driven by a 42% rise in direct results following additions to the portfolio. These included LOOP5 in Germany and Manauara Shopping in Brazil in 2009, and LeiriaShopping in Portugal this year.
EBITDA (earnings before interest, tax, depreciation and amortisation) rose 13% in the first nine months to EUR 89.9 mln from EUR 79.7 mln in the year-earlier period. The increase not only reflected the new additions to the portfolio, but also efficiency gains and cost reductions.
