# Major Spanish retail property acquisitions > Live situation record from CLSTR: https://clstr.news/situations/major-spanish-retail-property-acquisitions > Updated: 2026-08-03T04:05:45.000Z. Sources: 9. Developments: 3. In early July 2026, Spanish investor Tomás Olivo announced a €1.5 billion commitment to buy the iconic Telefónica building and expand his portfolio of Spanish shopping malls. By the end of the month, Portugal’s Sonae Sierra and Norway’s sovereign‑wealth fund manager Norges Bank Investment Management (NBIM) disclosed a plan to acquire eight Spanish shopping centres for roughly €1.5 billion. The transaction was formally signed on 31 July 2026, with NBIM taking a 92 % stake for about €1.4 bn and Sonae Sierra the remaining 8 % for €120 m, valuing the portfolio at €1.5 bn. The assets total around 258,000 m² of gross commercial area and include Gran Plaza 2, Plaza Norte 2, Plaza Río 2, La Vanguardia, Plaza La Moraleja, Plaza Loranca 2 in the Madrid region, Gran Vía 2 in Barcelona and Plaza Mar 2 in Alicante. On 3 August 2026, NBIM and Sonae Sierra signed the definitive agreement to purchase the eight centres from the Balkany family, confirming the earlier announcement. The deal brings over 130 site‑management professionals into Sonae Sierra’s operation and includes the full acquisition of SCCE, the company that runs the assets. After the transaction, Sonae Sierra will manage 73 shopping centres across eight countries, with assets under management of about €8.5 billion, and the Spanish assets are expected to deliver yields of 6 %‑6.25 %. The acquisition reflects strong investor interest in Spain’s post‑COVID retail property market and is subject to competition‑authority approval, with closing anticipated in Q1 2027. ## Timeline ### 2026-08-03: Norges Bank and Sonae Sierra acquire eight Spanish shopping centres Norges Bank Investment Management and Sonae Sierra bought eight Spanish shopping centres from the Balkany family for about €1.5 billion, adding over 250,000 m² of retail space to Sonae’s portfolio. 3 sources. https://clstr.news/cluster/norges-bank-investment-management-and-sonae-sierra-acquire-eight-spanish-shopping-centres-for-15-bn ### 2026-07-31: Sonae Sierra and Norges Bank acquire eight Spanish shopping centres for €1.5 bn Sonae Sierra and Norway’s Norges Bank Investment Management will buy eight Spanish malls for about €1.5 bn, with NBIM taking 92% and Sonae Sierra 8%, and Sonae Sierra to manage the assets, expanding its Spanish 6 sources. https://clstr.news/cluster/sonae-sierra-and-norges-bank-acquire-eight-spanish-shopping-centres-for-15-bn ### 2026-07-04: Tomás Olivo commits €1.5 bn to buy iconic Telefónica building and expand Spanish malls Tomás Olivo will spend €1.5 bn to buy the historic Telefónica building in Madrid and add 663,000 m² of shopping‑centre space across Spain, including new malls in Marbella and Málaga. 2 sources. https://clstr.news/cluster/toms-olivo-commits-15-bn-to-buy-iconic-telefnica-building-and-expand-spanish-malls --- Cite as: Major Spanish retail property acquisitions. CLSTR, https://clstr.news/situations/major-spanish-retail-property-acquisitions