Norges Bank Investment Management (NBIM) is making its largest direct real estate investment of 2026 with the acquisition of a 92% stake in a €1.5bn portfolio of Spanish shopping centres alongside Sonae Sierra.
The sovereign wealth fund will invest approximately €1.4bn, while Sonae Sierra will retain an 8% interest and oversee asset management, highlighting the growing appeal of partnering with specialist retail operators. The deal is expected to be completed by year-end.
Jayesh Patel, co-head of European real estate at NBIM, said: “This transaction grows our retail real estate exposure in Europe and aligns with our strategy of investing alongside specialist operators. We are pleased to partner with Sonae Sierra, who bring a strong platform and a long track record in Iberia, and we look forward to working with their team.”
The deal follows a series of acquisitions across Europe that point to a broader re-rating of retail assets. In the UK, Hammerson completed its first external acquisition in several years by purchasing a 50% stake in Manchester’s Arndale shopping centre, signalling confidence in dominant city-centre destinations capable of delivering resilient footfall and rental growth.
Meanwhile, in Central and Eastern Europe, Appennin has expanded its retail portfolio through the acquisition of several Dekada retail parks for over €100m.
| Recently completed deals | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Buyer | Vendor | Size | Price (mln) | Key facts |
| eight shopping centres | retail | Spain | NBIM, Sonae Sierra | LSGIE | 258,000m2 | €1400 | NBIM has agreed to buy a 92% interest in the portfolio, with Sonae Sierra taking the other 8%. |
| logistics portfolio | logistics | UK, Germany and France | EQT Real Estate | Logicor | 457,000m2 | €532 | The properties are fully leased to a diversified group of retail, e-commerce, logistics and industrial occupiers and are located in major distribution markets. |
| single family home portfolio | living | UK | Border to Coast Pensions Partnership | Leaf Living | NA | £400 (€467) | The deal marks largest UK single transaction in the single-family home sector so far this year. |
| 50% stake in Manchester’s Arndale shopping centre | retail | Manchester | Hammerson | Palma Arndale BidCo | 130,000m2 | £218 (€255) | The deal marks Hammerson’s first major external acquisition in over a decade. |
| logistics portfolio | logistics | UK | KKR and Mirastar | PLP | 4 assets | £170 (€198) | The four UK assets are fully let and add to operator’s growing European logistics platform. |
| Chancerygate | logistics | UK, Ireland, Spain, Portugal and Germany | Dream Asset Management Corporation | Andrew Johnson | 2,500,000m2 | $147 (€128) | Post transaction, Dream’s combined platform is one of Europe’s leading urban industrial platforms with over C$5bn in assets under management in Europe |
| The Piccadilly Regent Estate | mixed | London | The Crown Estate | St Martins Property Investments | NA | £120 (€140) | The estate comprises a 283-bedroom hotel, trading as The Dilly, alongside 15 retail and hospitality units, and a separate office building. |
| Dekada retail centres | retail | Poland | Appeninn | Dekada | 53,000m2 | €100+ | The portfolio, which has been developed by Dekada since 2011, includes seven retail parks and four shopping centres. |
| three David Lloyd health and fitness clubs | leisure | UK | Aberdeen Investments | David Lloyd | 210,000sqft | £67 (€78) | The sale-and-leaseback transactions comprise three purpose-built health, fitness and racquets clubs under construction. |
| Priory Court and The Lewis Building | office | Birmingham | Martley Capital | Appointed receivers | 254,000sqft | £60 (€70) | The asset has been acquired into the Martley Capital Regional Office series of funds. |
| two warehouses | logistics | Eindhoven and Tilburg, the Netherlands | Clarion Partners Europe | NA | 33,000m2 | €50 | Both assets were recently developed. |
| Jerozolimskie Business Park | office | Warsaw | NASA Capital | Apollo-Rida Poland-led consortium | 17,000m2 | €30 | The acquisition was made through a FIZAN investment fund managed by IPOPEMA TFI. |
| purpose-built flex living asset | living | Madrid | Meridia | Bain Capital, Momentum REIM and Episode | 30,000m2 | NA | Opened in April 2025, the property comprises 977 fully furnished units. |
| Ibis Alcorcón
Tresaguas |
hotel | Madrid | Meridia | NA | 157 rooms | NA | The acquisition was made for the Meridia V fund. |
| Andaz Amsterdam hotel | hotel | Amsterdam | First Sponsor-led consortium | Invesco Real Estate | 10,618m2 | NA | The Andaz Amsterdam Prinsengracht hotel is operated under a long-term lease agreement directly with Hyatt Hotels. |
| resi development | living | Wuppertal, Germany | KINGSTONE Real Estate | TEAMRHEINRUHR | 6,100m2 | NA | The scheme comprises two multifamily residential buildings with a total of 78 apartments. |
| Ilderton Yard | living | London | Schroders Capital | Tribe Student Housing | 58 homes | NA | The scheme is part of a wider mixed-use development in Bermondsey. |
| 3 Stawy Shopping Centre | retail | Katowice, Poland | Apsys | Union Investment | 38,600m2 | NA | The asset is 97% let. |
| Assets on the market | |||||||
|---|---|---|---|---|---|---|---|
| Asset | Asset type | Location | Vendor | Size | Price (mln) | Broker | Key facts |
| Adlon hotel | hotel | Berlin | Fundus-Fonds 31 investors | 307 rooms | €280 | NA | A sale would require approval from the fund’s investors, with a 75% majority of votes needed for the proposed liquidation and disposal process. |
| office and retail element of The Broadway | mixed | London | Northacre | 1,000,000sqft | £130 (€152) | NA | The development is part of the former New Scotland Yard site. |
| Victoria Road multifamily development | living | Ashford, Kent, UK | NA | 254 homes | £65 (€76) | Newmark | The 177,723sqft residential scheme features four buildings situated near Victoria Park, the River Stour, and Ashford International Station. |
| The Pantile | retail | Tunbridge Wells, UK | Targetfollow | 40,074sqft | NA | BNPPRE | The combined sale is being is offered for only the second time in 250 years. |
| Recently completed loans | ||||
|---|---|---|---|---|
| Lender(s) | Borrower(s) | Asset(s) | Loan Size (mln) | Key facts |
| Bond investors | European Outlet Mall Venture | Unsecured | €750 | The debut green bond issue provides long-term unsecured financing. |
| Natwest | Long Harbour | The Eades in Walthamstow and Riverstone Heights in Bromley-by-Bow | £160 (€187) | The five-year loan is secured against two completed London build-to-rent (BTR) schemes. |
| Banco BPM | Techbau spa | Italian development assets | €123 | The loan will finance the acquisition of the assets to be developed by Abitare In spa. |
| Natixis Pfandbriefbank | Tishman Speyer | Junghof in Frankfurt | €121 | The asset is 95% leased. |
| Izilend | Inmark | Madrid’s Helios office project | €90 | The asset serves as the Spanish headquarters for ING Bank. |
| Affinius Capital | Hillwood | two logistics projects in the UK | £75 (€88) | The loan provides funding for the development of two warehouses in London and Luton |
| CaixaBank | Omoretail | Madrid retail park | €64 | OMO Retail is investing more than €100m in the 74,000m2 retail complex. |
| New mandates/JVs and funds on the market | |||
|---|---|---|---|
| Firm | Fund/mandate/JV | Strategy | Details |
| Resonance | Resonance Housing Pathways Fund | Investing in affordable housing for the homeless | The fund has achieved a first closing of £118m and aims to raise up to £700m. |
| Fiera Real Estate UK and Packaged Living | Fiera Real Estate Single-Family Housing (FRESH) | Focusing on professionally managed and sustainable rental homes across supply-constrained locations. | The fund is targeting a portfolio valued at £1bn. |
| Blue Owl | Blue Owl Real Estate European Net Lease Fund | Focusing on acquiring single-tenant, mission-critical real estate and infrastructure via sale-leaseback transactions. | The fund has carried out the final close of its inaugural European net lease fund, with €1.6bn of total capital commitments. |
