The third quarter of 2015 saw a like-for-like increase in tenant sales in the European portfolio, recording a 2.6% growth, with emphasis on the 6% growth in Italy, 3.9% in Spain and 2.8% in Portugal.
The global occupancy rate of the portfolio (95.1%) is in line with the same period in 2014 due to the high quality of Sonae Sierra’s shopping centres and to the efficient and sustainable management.
Fernando Guedes de Oliveira, Sonae Sierra’s CEO commented: "The first nine months of 2015 show highly improved operational results and the consolidation of our financial performance. Sonae Sierra thus proves its ability to capitalize on the recovery of the European market and is ready to explore business growth opportunities, as shown by our announcement of Sonae Sierra's first investment in the Colombian market, a development that is an expression of our desire to increase the Company's exposure to new promotions and new markets."
This year, Sonae Sierra has continued its strategy of greater exposure to new development opportunities, asset valuation and service provision to third parties. The development of ParkLake in Bucharest, Romania is scheduled for inauguration in 2016. It’s a €180 m investment in 70,000 m² of GLA, which is already 90% let and/or committed. Its financing contract was signed in the third quarter of this year.
Source: Sonae Sierra
