In the scope of its strategy, Sonae Sierra aims at increasing its asset management business through the creation of long term partnerships.
Thus, the Company has been developing innovative Shopping Centre Investment Funds through which it establishes partnerships with international investors.
The main purpose of these Funds is to provide investors with current yield and capital appreciation through the investment in high-quality shopping centres.
During the life span of each Fund Sonae Sierra, besides managing the Fund, commits itself to retaining part of the Fund ''s property and to the daily management of the shopping centres and the asset management operations for the Fund. This model allows Sonae sierra to maintain its partnerships with tenants and co-owners for each Shopping Centre.
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The Sierra Fund
The Sierra Fund is a pan-European real estate investment fund, created in 2003.
With an equity of €1.08 billion, and a scheduled 10 year life span, the Fund currently owns 26 Shopping Centres under operation in the Sonae Sierra portfolio.
Sonae Sierra owns 50.1% of this vehicle, and four investors own the other 49.9%:
Stichting Pensioenfonds ABP (Netherlands);
Caisse des Dépôts et Consignations EP (France);
CNP Assurances (France);
TIAA-CREF (USA).
The Sierra Portugal Fund
The Sierra Portugal Fund (SPF) is a €300 million fund created in 2008. The SPF owns eight Sonae Sierra shopping and centres under operation in Portugal.
There is also the commitment to include three projects already planned in Portugal, which represent a total value of €235 million.
Currently, Sonae Sierra owns 42% of the Fund, and four investors own the other 58%:
LGPI - "Local Government Pensions Institution" (Finland)
Ilmarinen (Finland)
Continental European Fund I and Continental European Fund II - Two real este funds managed by Schroders Investment Management
Aberdeen Property Investors
Further alienations of shares in the fund are scheduled in the future.
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