In 2023, Sonae Sierra demonstrated outstanding financial performance, further solidifying its status as a leading real estate investment manager.
Sierra’s shopping centre assets saw exceptional growth, with sales consistently surpassing 2022 levels, and some assets achieving double-digit increases. The company reported an impressive average occupancy rate of 98.2% across its portfolio, with rental income rising by 11.6% to €326.5 million. Total sales for the portfolio under management increased by 7.7% to €5.5 billion, while total visits grew by 5.5% to 400.3 million.
One of the year's key achievements was a strong EBIT growth of 18.7% in Europe, with significant contributions from the Latin American market. Sierra’s direct results grew to €62.9 million, up from €44.6 million in 2022, while indirect results surged to €59.9 million, mainly due to value creation within its assets. This impressive financial performance led to a net result of €108.8 million and an INREV NAV of €1,057.3 million, reflecting an 8.8% year-on-year increase.
A notable achievement for Sonae Sierra over the review period was the launching of CTT IMO YIELD, a €137.7