Grosvenor's strategy in Continental Europe is to focus on our proprietary investment in Sonae Sierra and on growth in our fund management business.
Sonae Sierra aims to provide a balance of higher returning development profits and recurrent income from its investment and management activities - the latter feeding back into product development, while investment in completed projects is recycled through sales to funds in which it retains a stake. It is active in Portugal, Spain, Italy, Greece, Romania, Germany and Brazil, with 50 operating shopping centres, 14 new developments and 11 projects in pre-development phases. It has 2 million sq m of gross lettable area under management and manages 8,455 lease contracts. (See www.sonaesierra.com)
Sonae Sierra is owned 50% by a Grosvenor-controlled company and 50% by Portuguese conglomerate Sonae SGPS.
We also have stakes in Grosvenor-managed funds in France, Italy, Portugal and Belgium, along with a directly-managed proprietary portfolio.