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Sonae Sierra Posts €56-Million in Losses Due to Covid-19 Asset Devaluations

The company, which owns nearly thirty shopping centres, suffered €53 million in losses due to Covid-19-related mark-downs in the valuation of its properties.

McArthurGlen outlet malaga 2
The McArthurGlen Malaga Outlet, co-owned by Sonae Sierra.

The coronavirus and its associated lockdown have weighed heavily on the shopping centre operator and manager Sonae Sierra’s results for the first half of the year, as the firm’s properties lost €56 million in value. The company is a subsidiary of the Portuguese conglomerate Sonae.

“Sonae Sierra faced a particularly challenging scenario, particularly in Portugal, where all [of our] shopping centres were essentially closed during the quarter, along with a high degree of uncertainty in lease payments due to unprecedented legislation (despite the agreements already signed with the vast majority of tenants)”, said Cláudia Azevedo, Sonae’s CEO.

Read the full article in Spanish

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