Norges Bank and Sonae Sierra acquire eight Spanish shopping centres

Norges Bank Investment Management and Sonae Sierra signed an agreement to purchase a portfolio of eight shopping centres in Spain from the Balkany family for roughly €1.5 billion. The assets total more than 250,000 m² of gross lettable area and include well‑known centres such as La Vaguada, Plaza Norte 2, Gran Vía 2, Plaza Río 2, Plaza Moraleja, Plaza Loranca 2 and Gran Plaza 2. The transaction will bring over 130 professionals who currently manage the sites into Sonae Sierra’s operation, and Sonae Sierra will also acquire 100 % of SCCE, the company that runs the assets. After the deal, Sonae Sierra will oversee 73 shopping centres across eight countries, with assets under management valued at about €8.5 billion. The acquisition reflects strong investor interest in Spanish retail property, which has shown solid post‑COVID recovery and offers yields of 6 % to 6.25 % on prime assets.