Rebalancing our diversified portfolio to deliver lasting commercial and social benefit
After gradually building up our equity in international shopping centre specialist, Sonae Sierra, in 2018 we reduced our stake from 50% to 30% to release equity to reinvest into new projects that will help us deliver lasting commercial and social benefit.
In 2018, we reduced our share in international shopping centre specialist, Sonae Sierra, from 50% to 30%, in a strategic move that released €256m of capital to rebalance our diversified portfolio and reinvest into new projects that will help us deliver lasting commercial and social benefit.
Sonae Sierra is active in the investment, development and management of more than 80 shopping centres in numerous countries across Europe, South America and Africa. Our relationship with the company began with a minority investment of 18.75% in 1996, which we increased gradually to become joint owners by 2016.
We remain a 30% shareholder, alongside Sonae SGPS, the Portuguese based retail, telecommunications and financial services group, and continue to see strong commercial returns as the company expands into both existing and new markets.