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Norges and Sonae acquire portfolio of eight shopping centres in Spain valued at €1.5 billion
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The Corner
By Renta 4Norges Bank Investment Management, together with Sonae Sierra, signed an agreement last Friday to purchase the portfolio of shopping centres owned by the Balkany family in Spain, valued at €1.5 billion, according to information from the business newspaper Expansión.
This transaction thus includes the integration of a team of more than 130 professionals who currently manage the eight shopping centres in the acquired portfolio, as well as a further ten assets owned by third parties.
Once the transaction is complete, Sonae Sierra will manage 73 shopping centres across eight countries, reaching a total volume of assets under management of €8.5 billion.
Assessment:This news highlights investor interest in shopping centres in Spain, given the strong operational performance they have demonstrated over recent financial years (a solid post-Covid recovery), coupled with their attractive risk-return profile relative to other property assets.
The news also has positive implications for Merlin Properties’ portfolio of shopping centres.