Sonae Sierra competes to acquire 17 shopping centres in Spain
Shopping centres assets specialists Sonae Sierra is angling to add 17 shopping centres to the nine that it currently operates in Spain.
It is currently in a competition to buy a shopping centres portfolio from the Balkany family, including the management company that runs them – Sociediade General Inmobilaria de España (LSGIE).
Sonae Sierra is joining forces in the bid with Norway’s Norges which manages the Government Pension Fund Global – the largest sovereign fund in the world.
The shopping centres for sale, for a value of around €1.5Bn, are located in the cities of Madrid, Barcelona, Alicante and Tenerife, including some of the most iconic and consolidated in Spain, such as Madrid’s La Vaguada and Plaza Río 2 and Catalan’s Gran Vía 2, which are considered market leaders in their respective areas of influence.
The deadline for submitting non-binding proposals ended on March 3, with the Balkany family receiving almost a dozen offers, revealed the Spanish newspaper El Confidencial.
In addition to the Portuguese-Norwegian consortium, among the proponents are giants such as Spain’s Santander and Retailco, and the REIT Lar, France’s Klépierre, Orion and URW, the UK’s Hammerson, the US’s CBRE IM and Nepi Rockcastle, which is the largest group of shopping centers in Eastern Europe.
Source: Jornal de Negócios; Credits: Plaza Rio 2.
