Sonae Sierra Acquires REM Division, Becomes Germany’s Second Largest Third-Party Property Manager

Sonae Sierra has completed the acquisition of Unibail-Rodamco-Westfield’s Real Estate Management (REM) division, becoming the second largest property manager for third-party-owned shopping centres in Germany.

Following the transaction, Sierra now manages 19 centres across the country, covering almost one million square metres of leasable space and attracting more than 130 million visitors annually. The deal also brings 180 REM employees into Sierra, who will join the company’s existing German team, expanding its local platform to around 250 staff.

The portfolio includes well-known retail destinations such as Riem Arcaden and Pasing Arcaden in Munich, Spandau Arcaden in Berlin, Köln Arcaden, Düsseldorf Arcaden, and Breuningerland in Sindelfingen and Ludwigsburg. Sierra will provide centre and property management services across the portfolio, including operations, leasing, marketing, and project management.

Fernando Oliveira, CEO of Sonae Sierra, described the acquisition as a milestone for the company, highlighting the integration of a team with extensive knowledge of the German retail property market. He noted that Sierra’s international experience, combined with 25 years of activity in Germany, provides a strong basis for further growth.

Sierra currently manages 649 assets worldwide, representing more than three million square metres of leasable area. The German expansion consolidates its position in the shopping centre management segment, where it has been focusing increasingly on third-party services.

The company, headquartered in Portugal, manages assets worth around €7 billion globally and operates across more than 35 countries. Its activities span investment, development, and property services, with an emphasis on sustainability and urban transformation.

Photo (Sonae Sierra): Laut Fernando Oliveira, CEO - Sonae Sierra and Christine Hager is a member of the management board of Sierra Germany GmbH and Director of Property Management in Germany.