Sonae Sierra still pursues three local projects, posts gains over last year

Overall, the developer's financial statement, published last month, reports that total direct profits in 2008 increased by 13 percent over 2007's result. The developer made an overall profit of EUR 315.2 million in 2008, EUR 35.3 million higher than the EUR 279.9 million gains made in 2007. The results come from the growth of the firm's portfolio through acquisitions made in 2007 – the Romanian-based project River Plaza, among others in Portugal and Germany – along with openings made in countries like Italy, Spain and Greece.
The Portuguese group's operational profit was calculated at EUR 179.9 million in 2008, a rise of 16 percent over 2007, according to the company's official financial data. The net profit resulting from direct operations reached EUR 67.8 million in 2008, while the value of operational net assets hit EUR 1.416 billion in 2008.
Locally, Sonae Sierra acquired River Mall in Ramnicu Valcea and has managed Arena Plaza in Bacau since 2007. In 2008, Sonae Sierra and Warsaw-headquartered retail developer Caelum Development joint-ventured for the EUR 591 million development of Parklake Plaza, scheduled to open in April 2011, according to a company statement last year. The Parklake Plaza project, including ParkLake Towers, is located in eastern Bucharest, and will be developed on an 8.2-hectare plot. The projects in Craiova and Ploiesti will be developed at an estimated cost of EUR 293 million, the company said last year.
Magda Purice