Sonae Sierra has bought out its partner in the Albufeira Shopping Centre and Portimão’s Continente Shopping Centre.
The Portuguese company acquired the remaining 50% previously held by the GREP II fund controlled by property giant Grosvenor Fund Management.
Sonae Sierra through its vehicle Sierra Portugal Fund (SPF) now controls the Albufeira Shopping Centre and the Continente Shopping Centre in Portimão and the Chief Executive of Sonae Sierra, Fernando Guedes de Oliveira, commented today that he believes that the transaction is a good opportunity to strengthen the position of Sonae Sierra in the Algarve.
The value of the transaction was not disclosed by either company and over the past four years, the joint owners have invested €8.5 million in the renovation and expansion of the two retail spaces.
Sonae Sierra is but one of the shareholders of SPF holding 47.5%. The remaining 52.5% belongs to four companies, Keva and Ilmaren both from Finland, Schroders Investment Management (UK) and Partners Group from Switzerland.
