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Sonae Sierra sees 9 pct growth in H1 2017

Alex Hayes 10 August 2017

Alex Hayes

Journalist

+48 22 356 25 20
alex.hayes@eurobuildcee.com

Alexander Hayes is currently working as a journalist for Eurobuild Central & Eastern Europe magazine. Originally from the UK, he moved to Poland in 1995 and has been working in real estate for over four years. He has a BA in english literature from the University of Buckingham.

EUROPE Sonae Sierra recorded a net profit of EUR 64.2 mln in the first half of 2017, up 9 pct on the EUR 59.0 mln recorded in the same period last year.

Higher EBIT (up 6 pct to EUR 50 mln) and a better financial result (up 13 pct to EUR 30.2 mln) contributed to the positive result. Additionally the indirect result rose to EUR 34 mln, from EUR 32.2 mln on the previous year’s first half, due to the positive impact of yield compression in Europe, leading to a higher value generated by investment properties. In operational terms,tenant sales in the European portfolio grew by 6.9 pct, compared to the same period of 2016, with a significant growth in Romania, due to the opening of ParkLake in Bucharest,and an increase of 7.1 pct in Portugal and 5.2 pct in Spain, reflecting the continuing economic recovery. The occupancy climbed to 95.5 pct in Romania, compared to 88.6 pct a year before, as a result of the opening of ParkLake. In Europe, occupancy rates were largely stable at 96.9 pct, compared to 97.1 pct. Total rents grew 8.9 pct compared to the same period in 2016, rising 9.7 pct in Europe. According to Fernando Guedes Oliveira, Sonae Sierra's CEO, "the growth in results in the first six months of 2017 confirms the success of our strategy and reflects our dynamic management approach.”




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