cbre shopping

CBRE Global Investment Partners (GIP) and Sonae Sierra have established a programmatic venture to own and operate dominant shopping centres in the Iberian peninsula.

The venture has been launched with the acquisition of three regional shopping centres in Spain and Portugal, which were owned by the Sierra Fund. Under the arrangement, GIP has a majority stake in the centres with Sonae Sierra retaining a minority share and acting as local operating partner and property manager.

The three centres are the 44,791 sqm AlgarveShopping, the 19,182 sqm Estação Viana, both in Portugal, and the 41,090 sqm Luz Del Tajo in Spain. All three centres were built between 2001 and 2004 and offer a diverse tenant mix including strong fashion, food and leisure offers. The portfolio is currently 96.7% let.

Jeremy Plummer, CEO, GIP, said: “This transaction is in line with our global strategy to establish scalable, programmatic ventures with best-in-class, sector specialist, local operating partners in markets which offer strong growth potential. We are confident that Sonae Sierra’s experience and expertise will enable us to unlock further value from these centres and future acquisitions.”

Fernando Oliveira, CEO, Sonae Sierra, said: “The creation of this venture confirms our commitment to Portugal and Spain, both a core focus of the development and growth strategy, since our company was founded. In this sense, Sonae Sierra will contribute with its know-how and experience in the retail real estate sector, to source assets with the greatest potential for growth and will be in charge of their management.”

Retail Partners Europe, Jones Day and PLMJ advised GIP.

Source:CBRE GIP

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