Portuguese shopping centre group Sonae Sierra has revealed plans to invest €2 billion in the opening of several new malls around the world in the next five years.
The news was announced this week by the group’s executive president Fernando Guedes de Oliveira.
The masterplan includes the opening of malls in Colombia, Brazil, Morocco, Germany, Italy and Romania, as well as carrying out renovation and expansion work at existing shopping centres in Spain and Portugal, such as a €60 million expansion at Porto’s Norte Shopping.
Today (September 1), the group will inaugurate the ParkLake Mall in Bucharest, its first shopping centre in Romania and one of the first stepping stones of Sonae Sierra’s mega plan.
It hopes to fund the plan by “recycling capital”: selling off part of its stakes in already constructed malls and using the money to invest in “new projects”.
Right now, the company owns or co-owns 45 malls in Portugal, Spain, Italy, Germany, Greece, Brazil and Romania.