We have been active in Continental Europe since 1996, developing our presence through direct investments and partnerships. Our core markets are France, Spain and Italy, where we continue to expand our activities and hone our skills. In addition to our offices in Paris and Luxembourg, we have an office in Madrid and an operational base in Milan. We are also major investors within the shopping centre sector through our 50% control of Sonae Sierra.
In 2008, we will continue to invest in retail property primarily in France and Italy. In Spain, we will complete our development and sales programme and position ourselves for a recovery in the market in due course. Our Spanish business focuses primarily on offices. In retail, we specialise in various asset types including town centres, shopping galleries and retail warehouses. We will initiate development projects in France.
Partnerships, both operating and capital, are an important aspect of our strategy. We establish operating partnerships to supplement our skill base and widen our access to products. Examples of operating partnerships include Sonae SGPS (in European shopping centres), Solal Conseil et Développement (for French retail) and Grupo Lar (in Spain). Capital partners enable us to diversify our own capital. Examples of capital partners include GIC Real Estate, the Wellcome Trust and ABP.
Our total Assets under management are €3.9 bn, of which 85% are in retail property.