Working closely with the bank’s business end and other activities, the legal manager at BNP...
Ségécé is a subsidiary of Klépierre, the real estate investment company of BNP Paribas. They specialize in commercial urban development and property management and have been operating in Portugal since 2003. Luis Pires, head of Ségécé Portugal, talks about their position within the country.
Can you give us a brief introduction of the operations at Ségécé Portugal?
We are the property arm of Klépierre. We mainly work in retail and commercial property. We have been operating in Portugal for the past six years, with the acquisition of several Carrefour shopping centres as part of the global agreement made with Carrefour in 2000. We mainly work with all retail formats, ranging from retail parks and shopping arcades, to major shopping centres.
What is the market potential in Portugal?
Portugal is a mature and well-developed market. We are developing several projects, in particular, a major project in southern Portugal which involves the construction of a large 35,000 m2 shopping centre. We have institutional clients and smaller, local investors. Institutionally, we work with investment funds, such as Commerzbank and Generali. We are working with Geronimo Martins group in Portugal for third parties, managing their shopping centres. And naturally we are working with Klépierre and Klépierre's investments.
Lastly, what are your objectives by 2010?
For 2010, we want to continue working towards being one of the most important players on the Portuguese market. We are already the third largest shopping centre operator working in Portugal. We have a major project in development, which is the Aqua Portima project, a major Klépierre investment with Generali. We are working a great deal on everything to do with developing and redeveloping existing centres, towards increasing their value and helping them move forward in a difficult economic environment, but one we think we can grow.