The Portuguese real estate company Sonae Sierra, one of the leading actors in the European Shopping Center area, has signed an agreement with Unibail-Rodamco-Westfield for the acquisition of the German business area for the management of shopping centers for third parties-Unibail-Rodamco-Westfield Real Estate Management (URW REM). The transaction is subject to approval by the competent competition authorities.
The Urw REM division has its headquarters in Düsseldorf and is currently managing a portfolio of twelve shopping centers with a grossy area of more than 680,000 square meters, including the Riem Arcaden in Munich, the Spandau Arcaden in Berlin, the Cologne Arcaden, Düsseldorf Arcaden and the Pasing Arcades in Munich. Urw rem employed 175 employees. The company offers fully integrated solutions for the company, project management and development, marketing and renting shopping centers.
Jakub Skwarlo, Chief Operating Officer Central Europe at Urw, says about the transaction: “We are pleased to be able to announce the sale of the German business field Real Estate Management to Sonae Sierra, who will be an excellent operator of these great assets in the future. This strategic step enables us to focus on our core business in Germany, including Westfield Hamburg-Übersequartier, Westfield Centro in Oberhausen and Westfield Ruhr Park in Bochum. “
The management of shopping centers for third parties is one of the core shops of Sierra. The company pursues the goal of expanding its European portfolio to over 60 shopping centers. With the completion of the purchase, Sonae Sierra wants to underline his long -term commitment in the area of shopping center. “This agreement is an important milestone on our way to international growth. We are committed to the German market and expansion of our local presence. By bundling the expertise of Sonae Sierra with the recognized skills of the management team and the employees of URW REM, we will continue to support the sustainable development of shopping centers and thus added value for municipalities, tenants: Interior: Interior and Investor: Interior: Interior and Investor: Equally ensure, ”says Fernando Oliveira, CEO from Sonae Sierra.
With this acquisition, Sierra manages more than 500 real estate objects in Portugal, Spain, Germany, Italy, Morocco, Romania and Kosovo with a gross area of over 2.9 million square meters.