theretailrealestate by Retailtrend.it (23 gennaio 2019) – Sonae Sierra, the developer and service provider for vibrant retail-centred properties, has acquired a 50% stake in Balmain Asset Management Group’s Central European platform. Balmain is an experienced operating partner and multi-disciplined service provider with a strong pedigree in European retail and leisure assets. Balmain has operated for over 15 years in Poland.
With this acquisition Sonae Sierra is able to enter the Polish market and create conditions for facilitating significant expansion opportunities into other CEE markets for the new JV entity, Sierra Balmain. This Joint Venture will firstly be focusing on the continued expansion of the existing services of Balmain’s Polish portfolio, which already comprises a total of 15 shopping centres in 15 different cities in Poland. BSC Real Estate Advisors and BSC Property Management, subsidiaries of the Balmain Group, will be renamed in line with the Sierra Balmain brand but will continue to run and be governed separately to the asset management business.
The new JV will not be a direct investor but will continue to provide top-quality services to its client investors.
Sierra Balmain will combine both the international experience in retail real estate from Sonae Sierra, with the extensive local market knowledge of the Balmain team, which will retain management of the day to day business. With more than 100 experienced professionals, managing a portfolio worth over €1 billion, including 1,170 leases across more than 430,000 sqm of GLA, the Sierra Balmain Joint Venture will be providing a combination of Asset Management, Property Management and Leasing services throughout its portfolio.
The Joint Venture will make use of both companies’ strong track records and growing service capabilities, coupled with a strong local market experience, in order to keep expanding its service business on all fronts, achieving great results and shaping tomorrow’s future in the Polish and other CEE markets.