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MarketScreener Homepage  >  Equities  >  Euronext Lisbonne  >  Sonae    SON   PTSON0AM0001

SONAE (SON)
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Sonae : SGPS, S.A. informs that it has entered into an agreement with Grosvenor Group for the acquisition of a 20% stake of Sonae Sierra

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07/14/2018 | 10:20am CEST

ANNOUNCEMENT

Maia, 14th July 2018

(Translation from the Portuguese original)

Sonae - SGPS, SA ("Sonae") hereby announces that it has entered into an agreement with Grosvenor Group for the acquisition of a 20% stake of Sonae Sierra, SGPS, SA for a total estimated consideration of 255 million euros.

Sonae Sierra is an international retail real estate company dedicated to developing, managing and investing in sustainable retail assets as well as to providing investment, development and property management services. Sonae Sierra manages and co-owns a 7 billion euros portfolio (open market value) of 46 shopping centres in Europe and South America with a total GLA of 1.9 million m2.

This transaction enables Sonae to reinforce its participation and influence over a leading player in the retail real estate sector, while increasing the international profile of the group.

Grosvenor Group will continue to be Sonae's strategic partner in Sonae Sierra, whilst retaining adequate exit rights for a minority shareholder.

The completion of the transaction is subject to anti-trust approval.

On behalf of the Board of Directors,

For further information, please contact the Investor Relations Department at Sonae:

Head Office

Lugar do Espido, Via Norte, Maia Share Capital: €2.000.000.000,00

Maia Commercial Registry and Fiscal Number 500273170 Sociedade Aberta

PATRÍCIA VIEIRA PINTO

Head of Investor Relations / Sonae

T. +351 220 104 724 // E.pavpinto@sonae.ptwww.sonae.pt

Disclaimer

Sonae SGPS SA published this content on 14 July 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 14 July 2018 08:19:02 UTC

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Financials (€)
Sales 2018 5 813 M
EBIT 2018 196 M
Net income 2018 176 M
Debt 2018 1 131 M
Yield 2018 4,38%
P/E ratio 2018 9,74
P/E ratio 2019 9,36
EV / Sales 2018 0,50x
EV / Sales 2019 0,49x
Capitalization 1 798 M
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Mean consensus BUY
Number of Analysts 5
Average target price 1,29 €
Spread / Average Target 44%
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Ângelo Gabriel Ribeirinho dos Santos Paupério Co-Chief Executive Officer & Executive Director
Duarte Paulo Teixeira de Azevedo Executive Chairman & Co-Chief Executive Officer
Miguel Páscoa Vieira Águas Chief Financial Officer
Christine Cross Independent Non-Executive Director
José Manuel Trindade Neves Adelino Independent Non-Executive Director
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