Sonae Sierra consolidates lead in assets management in Portugal

Portugal’s Sonae Sierra. has strengthened the positioning of its assets under management with 190 new contracts.

A solid performance throughout 2024 allowed Sonae Sierra to consolidate its leadership in asset management in Portugal and increase its remarkable occupancy rate to 98.1% (vs 97.8% in 2023) says the company.

Recent contracts demonstrate a growing commitment to diversifying the provision of marketing services and different types of assets.

Sierra, a multinational that operates in an integrated manner in the real estate sector, closed 2024 with the signing of 190 new contracts with tenants in the assets under its management and marketing in Portugal, corresponding to a gross leasable area of 44,418m2.

The occupancy rate of the portfolio under management reached 98.1%, a result above that recorded in 2023 (97.8%), and reflects the trust placed by brands and reference operators in Sierra.

The continuous focus on improving the commercial offer, capable of responding to current market trends, has received the attention of the main brands operating in Portugal with the renewal of contracts for 388 stores that in total make up 77,422 m2 of GLA, both in mixed-use assets and shopping centers, as well as in urban food markets.

The year 2024 is marked by numerous and different novelties in the assets under Sierra’s management. In addition to the opening of RiverDeck, the new restaurant area in the Vasco da Gama Center, with a vast and diverse gastronomic offer, the Center recently opened the first Mango Teen and Blue Banana store.

Also in Lisbon, the Colombo Shopping Center marked the arrival in Portugal of the renowned British brand Prêt a Manger and opened, last October, the new flagship of Massimo Dutti (with more than 1000m2); along with this news, the center is also preparing for the reopening of Fnac, a fully renovated 3,000m2 space that will feature a cultural forum for events. To the north, there is Sould Park, which opened in Arrábida Shopping its first bowling space and area dedicated to gaming in Portugal.

Alberto Bravo, Sierra’s Property Management Director for Portugal and Spain, said: “With solid and sustained performance throughout 2024, Sonae Sierra has strengthened its leadership position in asset management in Portugal, continuing to evolve towards creating differentiating and multi-channel experiences for its different audiences.”