Sonae Sierra and Norges Bank acquire eight Spanish shopping centres for €1.5 bn

Sonae Sierra, a subsidiary of Portugal’s Sonae SGPS, has partnered with Norway’s sovereign‑wealth fund manager Norges Bank Investment Management (NBIM) to purchase a portfolio of eight shopping centres in Spain from Sociedad General Inmobiliaria de España (LSGIE), the Balkany family’s holding. NBIM will acquire a 92% stake for roughly €1.4 bn, while Sonae Sierra will take the remaining 8% for €120 m, valuing the portfolio at about €1.5 bn.

The assets total 258,000 m² of gross commercial area and include Gran Plaza 2, Plaza Norte 2, Plaza Río 2, La Vanguardia, Plaza La Moraleja and Plaza Loranca 2 in the Madrid region, Gran Vía 2 in Barcelona and Plaza Mar 2 in Alicante. Sonae Sierra will manage the portfolio on behalf of the partnership and will also acquire 100% of the platform that runs the eight centres, together with ten additional third‑party assets, allowing it to expand its management footprint in Spain by more than 750,000 m² of gross leasable area. The transaction is subject to standard regulatory approvals and is expected to close before the end of the first quarter of 2027.