The new services department brings together the know-how and experience of a highly specialised team, used to facing ambitious challenges. As a result, it can provide high-quality shopping centre services covering all aspects of market analysis, development, marketing, management, letting and asset management.

As a knowledge provider, Sonae Sierra is a valuable partner focused on the creation of value throughout the entire lifecycle of an asset, whether it be the creation, expansion, refurbishment or management of a shopping centre.

The company entered Colombia in 2010, and Morocco the following year, where it immediately began providing services; with the goal of increasing its knowledge of the market.

“It is very important that we establish ourselves and in doing so, we satisfy several key objectives, such as gaining market knowledge in terms of competition and retail presence. As we do this, we are, of course, generating revenue for the company by providing services. Then, in the near future, we will consider investment in those markets,” says Mena.

In terms of possible new entries, he and his team are looking closely at the entire Mediterranean coast at the moment, as well as a number of markets within Asia. There is a high probability that Sonae Sierra will start providing services in China in the near future, especially given the increased development activity that has been seen there. Clearly, this could prove to be a very important market.

“For us,” continues Mena, “emerging markets are extremely important. Given our history and the fact that we started out in markets such as Portugal and Brazil, we have become very skilled and experienced in working in countries in which the retail activity is emerging.”

Of course, these are the markets that are growing, so requirement for the company’s services are greater than in more established, mature countries. However, there are a number of key criteria that must be met before Sonae Sierra will enter: the market should have the retail potential, but there should also be a certain level of political and economic stability; there must be developers that are willing to undertake schemes but lack perhaps some of the necessary skills.

Naturally, such companies will profit from having a partner such as Sonae Sierra, who can bring skills to the table across all channels.

In addition to some 20 existing services contracts, predominantly in property management, in its existing geographies, the company has achieved seven new property management and leasing services contracts in 2011. In newer territories, Mena and his team are providing development services on the 17,000sq m Vrbini Project in Zagreb, Croatia. Construction started in December 2011. Sonae Sierra is also providing development services on the 43,000sq m Marina Shopping project in Casablanca, which is scheduled to commence construction in February.

www.sonaesierra.com