Madison International Realty has taken a stake in Sonae Sierra’s Portugal fund.
The private equity firm took a 25% holding in the shopping centre specialist’s Sierra Portugal Fund.
Sonae Sierra said it would hold a 22.5% stake in the vehicle and continue to manage the fund and assets within it.
Derek Jacobson, managing director at Madison, said the company had confidence in the Portuguese retail market, which he described as “rapidly improving”.
The fund, created in 2008, holds interests in nine operating shopping centres within Portugal, including AlbufeiraShopping, GaiaShopping, LeiriaShopping, Centro Comercial Continente de Portimão and RioSul Shopping.
Sonae Sierra said all shopping centres within the portfolio were dominant and well-located within their respective submarkets.
Occupancy is approximately 96%.