The company now has 39 award-winning shopping centers worldwide and 15 new projects in progress.

Part of the prestigious Sonae Group, Sonae Sierra is a leading developer of commercial and leisure complexes around the world

With a presence in Portugal, Spain, Italy, Germany and Brazil, Sonae Sierra is currently attracting more than 400 million annual visitors to its ever-growing number of shopping centers worldwide. Last year the company achieved a total net profit of €270.6 million ($356 million), representing a 23 percent increase on 2005.

“We try to create our shopping centers as leisure destinations. I would say that the shopping center industry has evolved into being a leisure industry all over the world,” comments CEO Alvaro Portela. He adds that the company’s exclusive dedication to the industry is the secret of its success. “At Sonae Sierra, we invest, we own, we develop, and we manage shopping centers.”

Unlike other real estate sectors, shopping centers only retain their value if they are able to attract customers, according to Mr. Portela. He comments that they are ‘live’ buildings that require a great deal of expertise, specialization and focus. “A shopping center that is empty is worth zero,” he remarks, adding that most construction companies can build a shopping center but they cannot give it life. “They do not lease, select tenants, or go out and market the shopping center, nor are they aware of the importance of leisure.”

Sonae Sierra has become increasingly recognized for its specialization and expertise in defining successful characteristics such as location, mix of the offer, aesthetics and retail diversification. It now has 39 award-winning shopping centers across the globe and 15 new projects underway. The company is currently building Italy’s largest downtown shopping center in Brescia and has two high-profile projects planned for Berlin and Dortmund in Germany.