Sonae Sierra acquires URW’s German management business

European shopping centre company Sonae Sierra has agreed to acquire Unibail-Rodamco-Westfield's (URW) German third-party real estate management business.

Westfield Hamburg

Subject to regulatory approval, the acquisition will significantly expand Sonae Sierra’s presence in the German market. 
URW REM, located in Düsseldorf, currently oversees 12 shopping centers encompassing over 680,000 square meters of leasable space and a team of 175 professionals, providing comprehensive management services including operations, project management, marketing, and leasing. 
This deal reinforces Sonae Sierra’s focus on third-party management and will increase its European portfolio to over 60 shopping centres, with more than 2.9 million m2 of leasable space. The company now manages more than 500 real estate assets in Portugal, Spain, Germany, Italy, Morocco, Romania, and Kosovo.
Fernando Oliveira, CEO of Sonae Sierra, states, "This agreement is an important milestone in our international growth journey. We are committed to the German market and to expanding our local presence. By combining Sonae Sierra's expertise with the recognized capabilities of the URW REM team, we will continue to support the sustainable development of shopping centers, ensuring value creation for communities, tenants, partners, and investors."