| Sonae Sierra » Our Operations |
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Our Operations
On 31 December 2008 we were the owners of 50 shopping centres in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, possessing a Gross Lettable Area (GLA) of more than 1.9 million square metres. We had 14 projects under development and 11 new projects in different phases of completion in Portugal, Spain, Italy, Germany, Greece, Romania and Brazil, with a combined total GLA of over 1 million square metres. We also managed a further 14 shopping centres (191,570m2 GLA) on behalf of others.
Key Facts at 31 December 2008
- Operating across 7 countries; with 1,141 direct employees (62% of which are in Europe)
- Headquarters in Oporto, Portugal
- 2.2 million m2 of GLA under management
- 8,455 contracts with tenants
- €179.3 million Net Operating Income (NOI)
- €1.42 billion Net Asset Value (NAV)
For details of our Key Facts (at 31 December 2008) by country, please refer to the table below.
| |
Portugal |
Spain |
Italy |
Germany |
Greece |
Romania |
Brazil |
Total |
| Nº of centres owned under management |
20 |
12 |
4 |
2 |
2 |
1 |
9 |
50 |
| GLA of owned centres under management (m2) |
794,612 |
545,367 |
146,542 |
92,611 |
67,040 |
11,980 |
313,187 |
1,971,339 |
| Nº of centres managed on behalf of others |
9 |
3 |
- |
1 |
- |
1 |
- |
14 |
| Total GLA under management (m2) |
887,383 |
615,018 |
146,542 |
96,089 |
67,040 |
37,649 |
313,187 |
2,162,908 |
| Total rent received at centres owned by Sierra (€million) |
192,472 |
76,988 |
14,822 |
26,234 |
19,076 |
2,979 |
57,728 |
390,299 |
| Total tenant sales at all centres under management(€million) |
2,353,980 |
931,961 |
120,662 |
309,491 |
191,338 |
6,667 |
1,138,452 |
5,052,551 |
| Costs by country (€million) [1] |
100.0 |
21.2 |
10.8 |
9.2 |
5.2 |
2.4 |
5.9 |
161.1 |
| Total number of direct employees [2] |
445 |
132 |
58 |
49 |
45 |
37 |
371 |
1,141 |
[1] - Costs by country include costs associated with external suppliers and services, common charges, buy out costs and other operating expenses. The Netherlands and Luxembourg are not included as ‘countries’ in this table, although they are included within the value of total costs. Costs by country have been calculated based on account performance between 1 January 2008 and 31 December 2008.
[2] - Sonae Sierra also has 4 employees based in the Netherlands. |
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Significant changes to our size and structure in 2008
- In 2008 we inaugurated 4 new shopping centres: Plaza Mayor in Spain, Freccia Rossa and Gli Orsi in Italy and Pantheon Plaza in Greece.
- We also completed expansion/refurbishment projects at ArrábidaShopping and Centro Colombo in Portugal and Valecenter in Italy.
- We presented new projects for Portugal and Brazil; Centro Bordalo and LeiriaShopping in Portugal and Boulevard Londrina, Goiânia Shopping and Uberlândia Shopping in Brazil.
- We took over the management of one shopping centre in Spain, "Los Conquistadores" in Badajoz. On 1st January 2009 we also took over management of "Post Galerie" in Karlsruhe, Germany. The expansion of our management operations strengthens our presence in the Spanish and German markets.
- We launched the Sierra Portugal Fund (SPF), with approximately 58% of investments placed with international institutional investors. The SPF holds eight shopping centres in operation in Portugal, with a total market value of €388 million at 31 December 2008.
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