CBRE Global Investment Partners (GIP) and Sonae Sierra have created a joint venture to own and operate Iberian shopping centres.

The venture has been launched with three regional shopping centres in Spain and Portugal out of the Sierra fund.

GIP has a majority stake in the centres, with Sonae Sierra retaining a minority share and acting as local operating partner and property manager.

Jeremy Plummer, chief executive at CBRE GIP, said the transaction was in line with a global strategy to establish scalable, programmatic ventures with “best-in-class, sector specialist, local operating partners in markets that offer strong growth potential”.  

The 44,791sqm AlgarveShopping and the 19,182sqm Estação Viana, both in Portugal, and the 41,090sqm Luz Del Tajo in Spain have been bought for the partnership.

All three centres were built between 2001 and 2004.

The portfolio is 96.7% let.

Fernando Oliveira, chief executive at Sonae Sierra, said: “The creation of this venture confirms our commitment to Portugal and Spain, both a core focus of the development and growth strategy, since our company was founded.”